Single Currency: ECOWAS Urged To Reduce Dependency On Foreign Countries

Member countries of the Economic Community of West African States (ECOWAS) have been advised to formulate economic policies and programmes that will boost their nations and reduce economic dependency on foreign countries.

The Speaker of the ECOWAS Parliament, Dr Sidie Mohamed Tunis gave this admonition at the closing ceremony of the first 2023 Parliamentary seminar on Sequencing ECOWAS Monetary Cooperation towards Single Currency holding in Guinea Bissau.

Dr Tunis, who was represented by the Fourth Deputy Speaker, Adja Satu Camara Pinto, stated the need for cooperation within the ECOWAS region for harmonisation.

“There is a need for monetary policy in the sub-region, now that we have realized that the economic growth in our country is very important. Member States also need to take actions that will require payment systems, harmonisation, integration and necessary infrastructure for our sub-region.

“I believe that all of us will agree to work together towards achieving our objectives.  We also need to sensitize our communities on the single Currency,” Pinto said.

In his remarks, Hon Califa Seidi from Guinea Bissau, urged Member States to look more inward on making the ECOWAS economy stronger.

He said, “As far as the mechanism is concerned, nothing has been achieved, when you come to the issue of single Currency, the population of National sovereignty is very vital, our leaders have a very big role to play by sensitising the populace.

“We should not only be talking about the single Currency now, for me, the introduction is not successful. We should be looking at a strong economy. We do not produce despite the fact that we have a lot of raw materials”.