Ivory Coast President, Alassane Ouattara, is urging members of the Economic Community of West African States (ECOWAS) to launch a common currency one year ahead of the scheduled timeline.
“I want this common currency to be available by 2026 at the latest,” Ouattara said following a meeting with Ghanaian President Nana Akufo-Addo in Ivory Coast’s commercial capital, Abidjan.
“Ivory Coast has made significant efforts and from next year, it will be ready to meet the required convergence criteria,” Ouattara said.
The 15-member ECOWAS, which has been working on a common currency initiative for over 20 years, agreed in 2021 to implement a new roadmap aiming to launch the eco currency by 2027.
The primary challenge has been the failure of member nations to meet four key convergence criteria: reducing budget deficits, maintaining single-digit inflation, building sufficient foreign reserves, and cutting down on central bank funding for governments.
The two heads of state reaffirmed their commitment to collaborate with other West African nations to enhance regional economic and financial integration, with the goal of establishing a monetary union.