The launch of a West African single currency, the Eco, has failed on several attempts by member states.
Since its conception in 2003, leaders of the fifteen-member Economic Community of West African States (ECOWAS) have postponed the single currency’s launch at least four times, that is; in 2005, 2014, 2014, and 2020.
Now, amid the COVID-19 pandemic, observers say member countries should focus on economic recovery rather than untenable projects like the Eco.
This adds up to many failed policies that ECOWAS has not been able to implement over the years for the betterment of its people.
Below are some of the policies that are yet to be fully implemented by EXCOWAS despite discussing them many years ago.
(a) the elimination as between the Member States of customs duties and other charges of equivalent effect in respect of the importation and exportation of goods
(b) the abolition of quantitative and administrative restrictions on trade among the Member States;
(c) the establishment of a common customs tariff and a common commercial policy towards third countries;
(d) the abolition as between the Member States of the obstacles to the free movement of persons, services and capital;
(e) the harmonization of the agricultural policies and the promotion of common projects in the Member States, notably in the fields of marketing, research and afro-industrial enterprises
(f) the implementation of schemes for the joint development of transport, communication, energy and the infrastructural facilities as well as the evolution of a common policy in these fields;
(g) the harmonization of the economic and industrial policies of the Member States and the elimination of disparities in the level of development of Member States;
(h) the harmonization, required for the proper functioning of the Community, of the monetary policies of the Member States;
(i) the establishment of a Fund for Co-operation, Compensation and Development.
Source: Mybrytfmonline/Kwabena Nyarko Abronoma
