International
ECOWAS Intensifies Efforts On Regional Single Currency
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.
International
Japan opens door to global arms market with overhaul of defence export rules
“No single country can now protect its own peace and security alone, and partner countries that support each other in terms of defence equipment are necessary,” Japanese Prime Minister Sanae Takaichi said in a post on X.
Japan’s old warship / Reuters image
Japan on Tuesday unveiled its biggest overhaul of defence export rules in decades, scrapping restrictions on overseas arms sales and opening the way for exports of warships, missiles and other weapons.
According to Reuters, the move aimed at strengthening Japan’s defence industrial base marks another step away from the pacifist restraints that have shaped its postwar security policy.
Wars in Ukraine and the Middle East are also straining U.S. weapons production, expanding opportunities for Japan.
At the same time, U.S. allies in Europe and Asia are looking to diversify suppliers as Washington’s long-held security commitments look less certain under President Donald Trump.
“No single country can now protect its own peace and security alone, and partner countries that support each other in terms of defence equipment are necessary,” Japanese Prime Minister Sanae Takaichi said in a post on X.
The revision approved by Takaichi’s government removes five export categories that had limited most military exports to rescue, transport, warning, surveillance and mine-sweeping equipment.
Ministers and officials will instead assess the merits of each proposed sale.
Japan will keep in place three export principles that commit it to strict screening, controls on transfers to third countries and a ban on sales to countries involved in conflict.
But in a presentation outlining the changes, the government said exceptions could be made when deemed necessary for national security.
International
South Korea Successfully Navigates First Oil Tanker Through Red Sea Amid Strait of Hormuz Blockade
A South Korean oil tanker has safely transited the Red Sea, marking the country’s first successful crude oil shipment via this alternative route since the effective closure of the Strait of Hormuz earlier this year.
The development comes as South Korea intensifies efforts to secure its energy supplies amid ongoing geopolitical tensions and the blockade of one of the world’s most vital oil chokepoints, triggered by the prolonged conflict involving Iran.
According to the Ministry of Oceans and Fisheries, the tanker, which loaded crude oil at Yanbu port in Saudi Arabia on the Red Sea, has now exited the waterway. President Lee Jae-myung welcomed the news, describing it as a positive step for the nation’s energy security.
“It is good news that our vessel is transporting crude oil via the Red Sea for the first time since the blockade of the Strait of Hormuz,” President Lee posted on social media, commending officials and the crew for their efforts.
The move forms part of a broader strategy to diversify import routes and reduce reliance on the blocked Strait of Hormuz.
South Korea has already secured more than 270 million barrels (approximately 273 million barrels according to some reports) of crude oil and naphtha from the Middle East and Kazakhstan through alternative channels unaffected by the crisis.
These supplies are expected to sustain the country’s needs for several months.
Officials noted that the government plans to deploy additional Korean-flagged vessels to the Red Sea port of Yanbu in phases to further stabilise imports, despite risks such as potential threats from Houthi rebels in the region.
The successful transit highlights growing global shifts in energy logistics, as import-dependent nations adapt to disruptions in traditional shipping routes caused by the ongoing Middle East conflict.
South Korea, which relies heavily on Middle Eastern oil, continues to explore bypass options, including discussions on alternative pipelines and storage facilities, to ensure uninterrupted energy flows and protect its economy from volatility.
International
BBC to Cut 2,000 Jobs in Biggest Downsize in 15 Years
The corporation announced a £600 million cost-cutting plan in February, saying that it would involve a reduction in headcount and the end of some programming.
The BBC is to cut as many as 2,000 jobs in the biggest downsizing of the public service broadcaster in 15 years.
Staff were informed of the cuts, which will affect about 10 percent of the BBC’s 21,500 employees, at an all-staff meeting on Wednesday afternoon, the Guardian UK reported yesterday.
The round of job losses, the biggest at the BBC since 2011, is being set in motion before the former top Google executive Matt Brittin takes over as director general next month.
The corporation announced a £600 million cost-cutting plan in February, saying that it would involve a reduction in headcount and the end of some programming.
Tim Davie, the outgoing director general, said at the time that the BBC would need to cut 10 per cent of its approximately £6 billion annual cost base over the next three years.
Davie left the BBC on April 2, having announced his resignation in November after controversy over coverage of issues including Donald Trump, Gaza and trans rights.
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