ECOWAS Calls for Expedited Implementation of Single Currency Program
The Economic Affairs and Agriculture Department of the ECOWAS Commission has urged for the swift implementation of the single currency program, citing numerous challenges faced by the department and proposed solutions. The recommendation was presented in a report to the Sixth Legislature of the ECOWAS Parliament on July 15, 2024.
Despite ongoing efforts to implement approved activities and work programs, the department faces significant hurdles, including non-tariff barriers to the free movement of people and goods, economic and financial volatility, climate change, recurring farmer/herder conflicts, and insecurity due to armed conflicts. These challenges have resulted in food insecurity for millions in the region.
The report highlights the lack of consensus among Member States and insufficient human resources as major obstacles to the creation of the single currency. To address these issues, the report suggests strengthening awareness among States for compliance with community texts, implementing rigorous economic policies, promoting peaceful coexistence, and combating terrorism and violent extremism.
In addition to the single currency program, the commission has been working on various initiatives aimed at promoting inclusive and sustainable development. These include supporting member state experts in international meetings and negotiations on environmental concerns and ECOWAS priorities, as well as launching a process to develop a regional action plan on plastic waste management.
The report also details efforts to support pastoralism, including the vaccination of over 392 million livestock by mid-2024, and promoting climate-smart agriculture through sub-projects and climate-adapted technologies. On food and nutrition security, the commission is working to improve livestock feed availability and has developed a regional rice production roadmap to achieve self-sufficiency.
Regional lawmakers have reiterated the need to expedite the single currency program, which has seen little progress despite long-standing discussions. The report underscores the importance of continued efforts to advance community projects, with a significant focus on the single currency program.
