West African countries urged to introduce common currency soon

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Last updated at: (Beijing Time) Monday, October 27, 2003

West African countries urged to introduce common currency soon

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Parliamentarians of the Economic Community of West African States (ECOWAS) should work toward ensuring that their countries meet the convergence criteria for the introduction of a common currency for the sub-region, an ECOWAS official said in Abuja Sunday.

Secretary General of the ECOWAS Parliament Fatimah Ahmed made the appeal at a news briefing in the Nigerian capital Abuja, saying, "The parliamentarians should ensure sustainable governmentfiscal position through their oversight functions by reducing the ratio of budget deficit to GDP to 4 percent or less throughout theperiod 2003 to 2005."

Ahmed said the parliamentarians should make sure that central bank financing of government budget deficit was limited to 10 percent or less of the previous year's tax revenue within the sameperiod.

The secretary general said the ECOWAS Parliament would achieve financial autonomy especially in approving its own budget, only when the ECOWAS treaty had been reviewed.

On the situation in Cote d'Ivoire, where rebels have withdrawn from the government of Laurent Gbagbo, Ahmed said the Parliament had mandated its committee on foreign affairs to continue its oversight functions.

"The Speaker, Prof. Ali Diallo, is talking with the ECOWAS executive secretary, to see what role the Parliament can play in resolving the problem in that country," she added.

The Authority of Heads of State and Government of ECOWAS shifted the date for the introduction of the currency from 2004 to2005 due to the inability of member states to meet the convergencecriteria.

To expedite the ECOWAS integration process, the leaders of Ghana, Nigeria, The Gambia, Guinea, Liberia and Sierra Leone, on April 20, 2000 in Accra, signed a declaration on the creation of the second monetary zone in the sub-region.

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