The ECOWAS parliament on Thursday adopted the draft resolutions on macroeconomic convergence and stability pact, in a bid to establishing a single currency for the subregion.

The resolution was adopted at the closing of its first ordinary session in Abuja; which was a critical prelude to achieving the criteria for member states to adopt a unified currency.

This followed deliberations at the plenary by its joint committee on Macro-Economic Research and Committee in Administration, Finance and Budget.

The resolution, which would be transmitted to the commission, sought to ensure Macro-Economic Policy and Cordination, with the aim of ensuring available economic and monetary union, as well as reinforce macro economic stability.

The joint committee chairman, Kebba Barrow, during the presentation highlighted the pact should be implemented in two phasesm

He said the resolution sought to strengthen the convergence of member states economics, including monetary and financial cooperation.

Mr Barrow added that, it also should define the procedures for the adoption, as well as the modalities for implementation of national convergence programmers.

According to him, “the first phase, which shall focus on convergence, is to run from January 2022 to December 2026, while the second phase will centre on stability and shall run, from January 1, 2027”.

Ijeoma Njoku, reporting, Obinwannem News | June 11, 2021