15 West African nations to launch a single currency. This decision to launch eco in 2027 was reached at the ECOWAS summit held in Ghana which was meant to address security-rated issues in the region and the covid-19 pandemic.
According to reports, the launch of a single currency which was supposed to be launched 2021-2022 was postponed until 2026-2027 due to the outbreak of the covid-19 pandemic although this is not the first time the launch of a single currency is extended since the proposal to have one started in 2003.
The 15 West African nations say that the single currency will help facilitate cross-border trade among the West African countries with other countries on the wider continent.
If successful, this may facilitate the launch of United Africa currency in decades ahead but first other regions like East Africa and South Africa will follow after the free trade agreement.
During the ECOWAS summit, it was agreed that Maritime security instability in the Gulf of Guinea needs to be addressed soon.
It was also agreed that the manufacturing of the covid-19 vaccine should be facilitated in countries like Ghana, Senegal, and Nigeria which already have the ability to produce the vaccine.
The production of covid-19 vaccines in those three nations will help address covid-19 vaccine shortages in Africa at a time when the vaccine is needed very much.
Security and political instability in Mali were also talked about after two coups and an urgent solution is needed.