BREAKING: ECOWAS Set to Unveil Single Currency Called ECO

The Economic Community of West African States (ECOWAS) is poised to introduce a single currency, dubbed the ECO, in a bid to facilitate regional trade and economic integration.

This groundbreaking initiative promises to harmonize monetary policies and promote economic growth across the 15-member state community.

Benefits of the ECO

– Enhanced trade and investment

– Simplified travel and commerce

– Increased economic stability

– Improved monetary policy coordination.

Gistcore had earlier reports that,Leaders of the West African Regional bloc, ECOWAS will converge on Abuja for a summit on Sunday to appraise the group’s socio-political and economic situation.

But not a few believe the break-up of the group occasioned by the imminent withdrawal of three member states, Burkina Faso, Mali and Niger Republic is the real reason.

Sunday’s summit being hosted by Nigeria’s President Bola Tinubu coincides with the first anniversary of him being in the saddle as chairman of the subregional bloc.

And it’s been a real tough time for him steering the affairs of the ECOWAS as, under his watch three member-countries have called it quits with the bloc.

Burkina Faso, Mali and Niger Republic, whose democratically- elected President Mohamad Bazoum was ousted just two weeks into Tinubu’s chairmanship, are in Niamey solidifying a newly formed bloc named Association of Sahel States.

This has seen the ECOWAS leaders again scrambling to avert an imminent pull out.

The junta of the three countries as well as that of Guinea, which has stayed put in ECOWAS despite also being run by the military, accused the civilian they deposed of failing to provide security and good governance.

Despite lifting of sanctions against Niger Rep and others , the 3 junta did not bulge.

The killing of hundreds of civilians in Burkina Faso recently and also in Nigeria by Terrorist groups is of grave concern, which the leaders are still trying to deal.

They have committed to setting up a standby-Force.

But funding it is a key issue.
Only recently, the President of the commission, Alieu Tourey lamented the paucity of funds of the bloc.

Ensuring internal regional trade is still a challenge with respective countries still having some one barrier or another.

Drug trafficking is another issue. Some countries in the bloc such as Guinea Bissau and Nigeria are becoming not just drug transit points but production, with huge implications on regions with a huge youth popoulation.

The 12 remaining leaders of the hitherto 15 member bloc will meet, and talk, the impact of yet another summit is awaited .


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