28 April 2014

West Africa: ECOWAS Pushes for Single Currency

Members of the ECOWAS Parliament ended its two-day dialogue on cross border challenges and opportunities for trade and finance, with a resolution that ECOWAS should pursue more vigorously the implementation of the single currency.

A communiqué issued by Mr. Ike Ekweremadu, Speaker of ECOWAS Parliament at the weekend said members also resolved that ECOWAS should take firm measures to address the numerous barriers to cross-border investment, particularly corruption.

The dialogue which was organised by the National Institute for Legislative Studies, National Assembly in collaboration with the African Capacity Building Foundation and ECOWAS Parliament brought together stakeholders to discuss ways of deepening intra-regional trade relations among ECOWAS countries.

Participants decided that ECOWAS should involve more stakeholders in its regional integration process, particularly civil society organizations, evolve strategies to tackle the non-implementation of integration and particularly on intra-community trade and finance.

They called for the establishment of protocol of export products standard in order to improve access to global markets, engage more with innovative development finance initiatives to access low cost funds for development.

After careful observation of various issues discussed, members came to a conclusion that the enhancement of exports ECOWAS could significantly earn more revenue to promote infrastructure.

Members identified the need for the deepening of industrialisation efforts in the Region, promoting regional trade competitiveness through diversified product regimes rather than dominance of common primary products, strengthen the regulatory institutions to monitor product quality and enforce laid down standards.

Mr. Ekweremadu expressed the appreciation of participants to President John Dramani Mahama for hosting the event and his commitment to the development of the regional trade and investment.

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