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ECOWAS Intensifies Efforts On Regional Single Currency

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The Economies of West African States (ECOWAS) has intensified efforts on practical arrangements for the launch of the single currency, ECO for the region following consensus reached in the implementation of the directives issued at its 65th Ordinary Session.

This was revealed in a communiqué issued at the end of the 66th ordinary session of the authority of the head of state and government meeting held in Abuja on Sunday.

The ECOWAS bloc of 15 countries had previously planned to launch the currency in 2020, but the coronavirus pandemic caused delays.

The new launch date is 2027.

The Authority said it adopted the criteria proposed by the High-Level Committee for the selection of candidate Member States for the launch of ECO or those which would join at a later stage.

It instructed the Commission, in collaboration with the West African Monetary Agency (WAMA), to ensure that these criteria are incorporated into the protocol establishing the ECOWAS Monetary Union Agreement.

The Authority also endorses the proposals of the High-LevelCommittee on the costs, sources and modalities for financing the implementation of the reforms and institutions needed to launch the ECO.

It urged the central banks and member states to take the necessary measures for the payment of their financial contributions for the operationalisation of these institutions as soon as the decision on the effective date for the launch of the ECOWAS single currency is taken.

The Heads of State also urged the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify its efforts to ensure that the deadlines set for the establishment and operationalisation of the institutions needed to launch the ECO are met.

The body said it welcomed the results achieved in the implementation of the ECOWAS Agricultural Policy (ECOWAP) within the framework of food security and nutrition.

Considering the critical role of agriculture in the socio-economic development of ECOWAS member states, the Authority directed the commission to ensure a swift implementation of the regional strategy for the Development of Livestock Farming and the Security of Pastoral Systems; the Regional Rice Self-sufficiency Initiative and its road map 2025-2035; and domesticate the Comprehensive African Agriculture Development Programme (CAADP) Action Plan 2026-2035.

The Authority also welcomed the strengthening of cooperation with technical and financial partners and urged member states to work together with community institutions towards the achievement of these initiatives for food security and nutrition in the region.

The ECOWAS currency is intended to:

Improve trade

A single currency could lower trade costs and improve intraregional trade, which is currently hindered by the use of different national currencies that are not convertible within ECOWAS.

· Boost economic prosperityA single currency could boost the economic well-being and prosperity of ECOWAS countries.

Some say that the transition to a single currency will involve a short period where both the national currencies and the common currency circulate side by side.

Others suggest that the first phase of implementation should involve two distinct ECO zones, where countries peg their national currency to the ECO.

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International

South African Court Halts Burial of Former Zambian President Mid-Ceremony

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In a dramatic turn of events, a South African court has intervened to halt the burial of a former Zambian president, president Edgar Lungu, temporarily suspending the proceedings mid-ceremony.

Lungu, who died on June 5 while seeking medical care in South Africa, was a rival of President Hakainde Hichilema, who wanted to lead a state funeral for his predecessor in Zambia.

Lungu’s family opposed the plans and blocked his body from being repatriated, saying he would not have wanted Hichilema at his funeral.

Zambia in turn filed a lawsuit seeking to stop the burial in South Africa.In a ruling delivered as Lungu’s widow and other mourners were already gathered in the church, a Gauteng region High Court judge said that, after an agreement between the parties, “respondents undertake not to proceed with the funeral or burial of the late president”.

The case will be heard on August 4, he said, in a decision that was carried by national broadcaster SABC — which also showed live images of people gathered for the service for Lungu, president from 2015 to 2021.

The adjournment “is extending the pain, the grief, that the family and the people are going through”, Zambian lawmaker Chanda Katotobwe, part of the delegation present at the memorial service, told SABC News.

The cause of the former president’s death at age 68 was not announced. He had been receiving specialised treatment in a clinic in Pretoria, his Patriotic Front party said.

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International

Cargo ship carrying 3,000 vehicles, including 800 EVs, sinks in the Pacific Ocean

The shipping company said that the cargo ship had sunk on June 23.

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A cargo ship that caught fire earlier this month in the Pacific Ocean has sunk, its manager has said.

MINT reports that The Morning Midas, which was left abandoned as it caught fire, was carrying about 3,000 vehicles, among which around 800 were electric vehicles.

Electric vehicles contain lithium-ion batteries, which are generally safe but can overheat and ignite if damaged.

The shipping company said that the cargo ship had sunk on June 23.

Zodiac Maritime in a statement further said that the damage caused by the fire was compounded by heavy weather, and subsequently water entered inside the vessel, causing it to sink.

Credit: MINT

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Crime

JUST IN: Russia attacks Ukraine, kill 11

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Russian missiles on Tuesday crashed into schools, hospitals and kindergartens in central Ukraine, killing at least 11 and wounding dozens more in a region coming under mounting pressure.

The attacks came as President Volodymyr Zelensky arrived in the Netherlands to meet with allies on the sidelines of the NATO defence alliance summit.

He is expected to meet with US President Donald Trump on Wednesday to discuss more sanctions on Russia and arms procurement, a senior Ukrainian source told AFP.

Emergency services in the Dnipropetrovsk region, now threatened by Russian battlefield advances, published photos of rescuers helping civilians covered in blood after the attack.

“This is not a fight where it’s hard to choose a side. Standing with Ukraine means defending life,” Zelensky said after the attack.

Ukraine’s foreign minister said the strikes amounted to a “rejection of peace” from Russia, which has rejected US and Ukrainian ceasefire proposals.

“It is a matter of credibility for allies to step up pressure on Moscow,” Andriy Sybiga said.

Ukrainian police said 11 residents of Dnipro were killed and two more were left dead in the nearby town of Samar. More than 100 people were wounded, according to a statement.

Police added that an administrative building, shops, educational facilities and a children’s hospital were damaged.

– Toddler killed –

Russian forces, which invaded Ukraine just over three years ago, recently claimed to have reached the border of the central industrial Dnipropetrovsk region, to gain a foothold there for the first time of the war.

The attacks on Dnipro city, the region’s capital, came just hours after deadly overnight drone attacks.

Three people including a toddler were killed earlier in the northeastern Sumy region that borders Russia during the barrage, local officials said.Oleg Grygorov, head of the Sumy region’s military administration, said a five-year-old boy was pulled from the rubble of a destroyed house.

“The strike took the lives of people from different families. They all lived on the same street. They went to sleep in their homes but the Russian drones interrupted their sleep — forever,” he said.

One man died next to his spouse in a Ukrainian drone strike on Russia’s western border region of Belgorod, the region’s governor said, adding that the woman survived the attack.

Another drone had targeted a residential building in Moscow overnight, wounding two people, including a pregnant woman, the local authorities said.

Russia occupies around a fifth of Ukraine and claims to have annexed four Ukrainian regions as its own since launching its invasion in 2022 — in addition to Crimea, which it captured in 2014.Kyiv has accused Moscow of deliberately sabotaging peace talks to prolong its full-scale offensive and to seize more territory.

AFP

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