Connect with us

International

ECOWAS Intensifies Efforts On Regional Single Currency

Published

on

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

International

Trump hints at softening China tariffs and says no plan to sack Fed boss

Published

on

US President Donald Trump has appeared to soften his recent comments on China and the head of the US Federal Reserve after recent clashes as he pursues his economic agenda.

He said he has “no intention of firing” Jerome Powell after repeatedly criticising the head of the central bank, but he added that he would like Powell to be “a little more active” on cutting interest rates.

Speaking in the Oval Office on Tuesday, Trump also said he was optimistic about improving trade relations with China.

He said the level of tariffs – or import taxes – that he had imposed on Chinese imports would “come down substantially, but it won’t be zero”.

The president’s tariffs are an effort to encourage factories and jobs to return to the US. This is a pillar of his economic agenda – as is a cut in interest rates, aimed at reducing the cost of borrowing for Americans.

Trump has ratcheted the rate on Chinese goods up to 145% – sparking reciprocal measures from Beijing and warnings from economists about the global impact of a trade war.

In his comments to reporters on Tuesday, Trump said he would be “very nice” in negotiations with Beijing – in the hope of securing a trade deal.

Earlier, US Treasury Secretary Scott Bessent reportedly said he expected a de-escalation of the trade war, which he said was unsustainable. Responding to comments from China, he said the current situation was “not a joke”.

The trade war has led to turbulence in financial markets around the world – to which Trump’s comments on Powell have also contributed.

The Fed has not cut rates so far this year, after lowering them by a percentage point late last year, a stance Trump has heavily criticised.

Last week, the president intensified his attacks on the Fed chief, calling him “a major loser”.

The comments sparked a selloff of stocks, bonds and the US dollar – though markets have since been recovering from those losses.

National Economic Council Director Kevin Hassett said on Friday that Trump was looking into whether it would be possible to sack Powell – who he first nominated to lead the central bank in 2017.

Powell was then renewed in 2021 by Joe Biden.It is unclear whether Trump has the authority to fire the Fed chair. No other US president has tried to do so.

Most major Asian stock markets were higher on Wednesday as investors appeared to welcome the latest remarks.

Japan’s Nikkei 225 index rose about 1.9%, the Hang Seng in Hong Kong climbed by around 2.2%, while mainland China’s Shanghai Composite was down less than 0.1%.

That came after US shares made gains on Tuesday, with the S&P 500 ending Tuesday’s session up 2.5% and the Nasdaq rose 2.7%.

US futures were also trading higher overnight. Futures markets give an indication of how financial markets will perform when they open for trading.

Investors feared that pressure on Powell to lower interest rates could cause prices to rise at a time when trade tariffs are already seen boosting inflation.

Trade tensions between the world’s biggest economies, as well as US tariffs on other countries around the world, have triggered uncertainty about the global economy. Those concerns triggered turmoil in financial markets in recent weeks.

On Tuesday, the forecast for US economic growth for this year was given the biggest downgrade among advanced economies by the International Monetary Fund (IMF) due to uncertainty caused by tariffs.

The sharp increase in tariffs and uncertainty will lead to a “significant slowdown” in global growth, the Fund predicted.

Trump has imposed taxes of up to 145% on imports from China. Other countries are now facing a blanket US tariff of 10% until July.

His administration said last week that when the new tariffs are added on to existing ones, the levies on some Chinese goods could reach 245%.

China has hit back with a 125% tax on products from the US and vowed to “fight to the end”.

The Chinese government has not yet officially responded to the latest statements from the Trump administration.

However, an article in the state-controlled Global Times on Wednesday quoted commentators who said the remarks showed that the US is beginning to realise the tariffs do more harm than good to America’s economy.

BBC

Continue Reading

International

Ghana president suspends chief justice in unprecedented move

Published

on

Ghanaian President John Mahama has suspended the country’s Supreme Court chief justice – Gertrude Torkornoo.

An investigation has been launched and three undisclosed petitions have been filed making allegations against Gertrude Torkornoo, calling for her permanent removal.

Chief justices in Ghana enjoy security of tenure – meaning they can only be removed from office on a few grounds, which include incompetence and misbehaviour.

The content of the petitions has not been made public and she is yet to comment, while Ghana’s former attorney general has claimed her suspension is an attempt to undermine the judiciary.

“I think it is a complete charade,” Godfred Yeboah Dame told the BBC.

“It’s the biggest assault on the [judiciary] in the nation’s history, the greatest assault on the independence of the judiciary under the constitutional dispensation of this country.

“Ms Torkornoo is Ghana’s third female chief justice and was nominated in 2023 by former president Nana Akufo-Addo.

It is her responsibility to oversee the administration of justice in Ghana.

According to news agency Reuters, Ms Torkornoo survived a removal request earlier this year when former President Akufo-Addo said a petition to have her dismissed had “several deficiencies”.

Copies of the three recently filed petitions against Ms Torkornoo were not initially made available to her.

But some lawyers argued that withholding the documents was a violation of Ms Torkornoo’s right to a fair hearing.

Copies of the petition were subsequently made available to the chief justice, allowing her to respond to the allegations privately and in writing.

Ms Torkornoo will be invited by the five-member committee to respond again to the petitions before a final decision is reached as to whether she should be removed from office or not.

Continue Reading

International

Pope Francis: Governor Soludo Consoles Global Catholic Community

In his condolence message, Governor Soludo extends his solemn condolences to the Catholic Church in Anambra State, Nigeria, the Vatican, and the global Christian community.

Published

on

By

The Governor of Anambra State, Professor Chukwuma Charles Soludo, has expressed deep sadness at the passing of His Holiness, Pope Francis, who departed peacefully on Easter Monday, April 21, 2025, at the age of 88.

In his condolence message, Governor Soludo extends his solemn condolences to the Catholic Church in Anambra State, Nigeria, the Vatican, and the global Christian community.

He said that the loss of Pope Francis, a globally respected icon of faith, humility, and compassion, has indeed grieved the hearts of Catholics and all humanity as his lifelong dedication to championing the cause of the poor, fostering interfaith unity, and advocating for peace and justice has left the world a better place.

Governor Soludo further remarked that Pope Francis was a shepherd whose legacy transcended borders.

His teachings on love, mercy, and solidarity touched base with the people of Anambra, inspiring the government to build a society rooted in dignity and hope.

Indeed, the Holy Father’s passing on Easter Monday, symbolizing Christ’s triumph over death, is deeply instructive and a reflection of the enduring power of resurrection and hope.

Therefore, Governor Soludo stands in solidarity with the global Catholic community during this period of mourning, celebrating a life extraordinarily lived in service to God and humanity, and praying for the soul of Pope Francis to find repose in the comforting grace of the Almighty God.

Continue Reading

Trending