ECOWAS@50: A golden opportunity to revive the sub-region’s single currency & central bank vision

As the Economic Community of West African States (ECOWAS) marks the launch of its 50th anniversary with a week-long celebration in Ghana, the milestone is being seen as a golden opportunity to reignite the sub-region’s age long vision to establish a single currency and a Central Bank.

The Golden Jubilee of ECOWAS is not just a moment for celebrations and festivities but a strategic moment to deepen its economic integration and intra-trade by ensuring the fruition of critical conditions such as the single currency and Central Bank.

The single currency idea was first introduced over two decades ago. It is aimed at eliminating trade barriers and enhance economic cooperation, More importantly, the concept is also envisioned to rival other globally recognized currencies such as the Euro and the US dollar.

Decades after the idea was conceived, it still has not seen the light of day hence making trade in the sub-region very difficult.

Despite the repeated delays, it appears the idea remains central to the bloc’s integration agenda and the 50th anniversary presents an opportunity for a turnaround.

Ghana’s Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, ahead of the anniversary launch in Accra today has reaffirmed the bloc’s commitment to the long-anticipated common currency which is dubbed the ECO stating that the vision remains very much alive.

“The vision is alive. It hasn’t been abandoned. It hasn’t been deserted,” Ablakwa emphasized, calling on citizens of member states to “keep hope alive” as efforts to realize this integration milestone continue.

The Minister says preliminary structures toward realizing this goal have already been laid, and the necessary political will among leaders remains strong. The key challenge, he noted, lies in creating a common platform for convergence which is foundational requirement for economic and monetary union.

As heads of state arrive in Accra between April 21 and 26 for the launch of the ECOWAS@50 celebrations, the focus will also be on strengthening economic cooperation and accelerating progress towards key integration pillars.

Foreign Affairs and Finance Ministers are expected to hold high-level meetings to discuss the current state of regional trade, cooperation frameworks, and the institutional infrastructure required to support a common currency and Central Bank.

“In the shortest possible time, we shall have a common currency, a common standby force, and common institutions that will help us attain full integration,” Ablakwa stated confidently.

The anniversary celebrations offer a chance not only to reflect on five decades of regional collaboration but also to revive and fast-track foundational goals laid out by ECOWAS’ founding fathers.

With the political momentum generated by the jubilee events and rising public expectation, the call to operationalize the ECO and establish a regional Central Bank has regained relevance and urgency.

-thehighstreetjournal.com