By Linda Ike
The Speaker of the Economic Community of West African States (ECOWAS) Parliament Hon. Sidie Tunis has called for more political commitment towards the adoption of the ECOWAS common currency.
Tunis also blamed inflation in the region on the use of United States dollars (USD) in trade.
He said, the region should trade with it’s currency hence trading with USD Is increasing prices of commodities.
In an interview with newsmen at the on-going parliamentary seminar on Sequencing ECOWAS Monetary Cooperation Towards Single Currency, with the theme: “ECOWAS Common Currency and the Inter Bank Payment System as Promoters of Regional Trade,” holding in Bissau the capital of Guinea Bissau, the Speaker noted that
there have been a lot of commitments from the Authority of Heads of States
on the single Currency.
He said beyond the political commitments to the currency project, the next big issue is how to transition to the next phase of currency adoption and introduction in the region.
“What we should be thinking of now is how to move from where we are right now to the next level. That is where the problem is.
“How do we also overcome the influence of the people outside the sub-region? The good thing is that the Authority of the heads of States are very committed, they have a determination to move it forward, so it is only good for us to be realistic and that is the only way we can come together to agree on the year 2027.
“That is why we bring the 15 countries from West Africa here and experts from Africa monitoring agencies,” he said.
Speaking on the benefits of the ECOWAS common currency, Tunis assured that its introduction will drive down inflation in the sub-region.
He said, “The benefits are enormous. Today we are grumbling about prices on commodities everywhere, principally because of the currency, we are all trading with the USD, we are not trading amongst ourselves.”