FG committed to establishment of ECOWAS Central Bank – Finance minister

Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning says the Federal Government is committed to the establishment of Economic Community of West African States’ (ECOWAS) Central Bank.

Ahmed said this at a meeting of Ministerial Committee of Ministers of Finances and Governors of Central Banks in West Africa on ECOWAS single currency in Abuja on Friday.

She urged the committee members to dispassionately engage in honest discussion to come up with a befitting name and a deserving occasion for the future of ECOWAS Central Bank, bearing in mind the terms of reference and conditionalities outlined by the working group.

“We should be able to choose a name that is outstanding and supportive enough to drive these aspirations; an advocate that guarantees trust and possess a measure of solidarity as well as our collective strength.

“Nigeria will do everything possible to support this course and ensure it is achieved,” she said.

She noted that Africa and the global community were currently in a moment of gross expectations, as decisions taken at the conference would have direct implication on the monetary policies and economic management of the various ECOWAS countries.

Mr Jean-Claude Kasi, the President of ECOWAS Commission said the monetary union would be inaugurated in 2020.

Kasi thanked the Nigerian government for its support and cooperation to the course of single currency for the region.

He said in spite of the achievements recorded, we all know much work needs to be done to get the ultimate objective of a strong monetary union which could serve the economic and social development of our region and people.

“On the vulnerability of the regional economy to external shocks, we need to collectively work in an adequate manner to deal with our common challenges by ensuring we remove all the difficulties,” he noted.

Our correspondent reports that the meeting was attended by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele as well as his counterparts from countries within the ECOWAS region.