The Economic Affairs and Agriculture Department of the ECOWAS Commission has called for the expedited implementation of the single currency program.
This recommendation was presented in a report to the Sixth Legislature of the ECOWAS Parliament on Monday, 15 July 2024, during its First Ordinary Session.
The report highlighted numerous challenges faced by the department and proposed solutions, with a key emphasis on implementing the single currency program. "It is crucial to build consensus between Member States to fast-track the implementation of the ECOWAS Single Currency Programme and provide the Department with the necessary human resources to enable it to carry out its mandate timely," the report revealed.
Despite continuing to implement approved activities and work programs, the department faces significant challenges. These include non-tariff barriers to the free movement of people and goods, economic and financial volatility due to domestic and external shocks, climate change, recurring farmer/herder conflicts, and insecurity due to armed conflicts, which have resulted in food insecurity for millions in the region.
The report pointed out that the lack of consensus among Member States and insufficient human resources have delayed the creation of the single currency. To address these issues, the report suggested strengthening awareness among States for compliance with community texts, implementing rigorous economic policies, promoting peaceful coexistence, and combating terrorism and violent extremism.
In the realm of inclusive and sustainable development, the commission supported member state experts in international meetings and negotiations on environmental concerns and ECOWAS priorities. The commission has also launched a process to develop a regional action plan on plastic waste management, aimed at enhancing environmental governance and capacity building.
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The report detailed efforts to support pastoralism, including the vaccination of 392,260,925 livestock by mid-2024. Additionally, the commission has launched a project to access the Green Climate Fund, promoting climate-smart agriculture through sub-projects and climate-adapted technologies.
On food and nutrition security, efforts are being made to improve livestock feed availability through the PRISMA project. The commission has also developed a regional rice production roadmap to achieve self-sufficiency and held the first General Assembly of the Rice Observatory, bringing together over 150 stakeholders in the rice sector.
The report, covering activities from January to June 2024, underscores the need for continued efforts to advance community projects, with a significant focus on the single currency program. Regional lawmakers reiterated the need to expedite this program, which has seen little progress despite long-standing discussions.
