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ECOWAS Set to Launch Single Currency

by Israel Akintunji

ECOWAS Single currency has taken a big step forward. The Economic Community of West African States  ECOWAS has been proposing a unified currency for her member states.

The idea first came in 1983, it was fine tuned in 2009 when they adopted a roadmap and 2020 was set adoption of the currency

In 2013 taskforce was set to ensure the smooth running of the roadmap. The taskforce met in Accra this year and revised the timeline for achieving a single currency. In addition to ten other programs, the task force set 2020 as a deadline for selecting the name of the ECOWAS single currency.

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According to the terms of reference published on the Central Bank of Liberia’s website, the competition is open to all citizens of ECOWAS member states free of charge, with winning prizes ranging from US$10,000, US$8,000, and US$5,000 respectively for proposal that comes first, second and third place.

“Accordingly, all proposals for currency name shall not be based on the name of a person, ethnic group or contain expressions directly linked with a religion, country or national institution, among others. On the other hand, the logo shall, among other things, symbolize unity and shared cultural and historical values of ECOWAS.

“Each competitor may submit only one proposal for the name of the currency and/or the logo of the currency. Each participant shall confirm that the proposal is his/her personal and exclusive work and that all resources and data used in the creation of the proposal do not and will never constitute an infringement of moral or, intellectual property rights or the rights of a third person or entity,” the term of reference said.­­­­­­­­­­­

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