Aidoghie Paulinus, Abuja
The Economic Community of West African States (ECOWAS) Authority of Heads of State and Government, has adopted ‘Ec’ as the symbol for the ECOWAS single currency otherwise known as ECO.
The ECOWAS Authority also called on the Republic of Benin, Niger and Nigeria to hasten the work of the Tripartite Ministerial Committee in order to resolve all existing border issues.
The ECOWAS Authority of Heads of State and Government further adopted the Central Bank of West Africa as the name for the ECOWAS Central Bank.
In a communique released yesterday after the just concluded 56th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Abuja, the ECOWAS leaders commended the ministerial committee for the progress made with the implementation of the ECOWAS single currency programme.
The authority welcomed the improved macroeconomic convergence outlook in 2019 and urged member states to continue efforts to comply with the convergence criteria.
“The Heads of State and Government take note of the proposed symbols of the ECOWAS single currency and adopt the following as the ECO symbol: Ec.
“As regards the name of the ECOWAS Central Bank, the Authority adopts the following: Central Bank of West Africa (CBWA),” the communique read.
The ECOWAS Heads of State and Government further said after listening to the President of Cote d’Ivoire and Chairman of the West African Economic and Monetary Union (UEMOA) Authority of Heads of State and Government, Alassane Ouattara, the authority took note of the major developments in the UEMOA monetary zone.
The ECOWAS Authority added that the reform would facilitate its integration into the future ECOWAS Monetary Zone.
Meanwhile, the Economic Community of West African States (ECOWAS) has endorsed the candidacy of Akinwumi Adesina, the president of African Development Bank (AfDB), for a second term.
The decision was announced in a communique signed by Jean-Claude Kassi, the commission’s president, at the end of the 56th ordinary session of the Authority of Heads of State and Government of ECOWAS, that held in Abuja.
ECOWAS said the endorsement is in recognition of Adesina’s performance during his first term of office as president of the bank. Adesina is the eighth elected president of the African Development Bank Group. He was elected to the five-year term on May 28, 2015, by the bank’s board of governors at its annual meetings in Abidjan, Côte d’Ivoire.
, where the same electoral process will play out in 2020.
Adesina is a development economist and the first Nigerian to occupy the position.
He has served in a number of high-profile positions internationally, including that of Rockefeller Foundation, as well as Nigeria’s minister of agriculture and rural development from 2011 to 2015.
The commission commended Adesina for the bank’s involvement in the provision of technical and financial interventions to West African region.
It also lauded the president for the implementation of numerous projects and programmes across the region.
Speaking at the summit, Adesina announced that AfDB’s portfolio investments in ECOWAS region stood at $20 billion.