ECOWAS single currency, “ECO” suffers new setback  

The West African regional body, the Economic Community of West African States (ECOWAS) has postponed the launch of its planned single currency “ECO”.

The regional body said a new date for the launch will be announced at a later date.

The news of the postponement was contained in a communique issued at the end of the 57th Summit of the Heads of State and Government of ECOWAS.

The body said the postponement was done in order to consolidate the achievements. Consequently, a new roadmap for the single currency programme will be developed.

Member States are to be exempted from compliance with the convergence criteria in 2020; while also developing a new macroeconomic convergence and stability pact among the ECOWAS Member States.

The body however agreed to maintain the gradual approach for the launching of ECO.