ECOWAS: Fiscal Deficit A Major Challenge For Single Currency

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The Economic Community Of West African States (ECOWAS) still struggling for a fiscal deficit to meet its convergence criteria for single currency.

Addressing stakeholders and member countries at the Second Meeting of the President Taskforce on the ECOWAS single currency in Accra, the Chairperson of the Ministerial Committee, Mr. Ken Ofori-Atta,on Monday,said,financial, human and material resources are required for the implementation of the activities for the final roadmap.

He said,all stakeholders and member countries should show commitment and unwavering political support for the establishment of the currency by 2020.

Strong and unwavering political support, regional integration, economic project,fiscal discipline and fiscal transparency and regional independent central bank are criteria needed in achieving its goal.

Mr. Ofori-Atta, urged all members countries and stakeholders to show effort and strong regulatory framework in oder to improve its collective achievement of the convergence criteria.

Fiscal deficit had reduced from 9.3 percent of the Gross Domestic Product (GDP) at the end of 2016 to 5.9 percent at the end of 2017 he said.

The President of the ECOWAS Commission, Mr Marcel A De Souza, said, in view of the challenges ECOWAS nations were facing the convergence criteria, it had reached consensus that, four or five member countries to meet the criteria would start implementing the single currency in 2020.

Mr Souza stressed, the ECOWAS countries needed US$ 4.4 million dollars to support the implementation.

By: Robert Juwle Dueh |societywatch.net| Ghana

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