The project to manufacture a single currency for the ECOWAS (Economic Community of West African States) countries is gaining momentum. Indeed, by 2022, all ECOWAS countries will use a single currency, a change that according to officials will bring an interest to all Member States.
The single currency will facilitate trade on the one hand and on the other hand to end the CFA franc so much criticized in recent years. To this end, the organization has recently launched a competition open to all Member States. This contest consists of proposing a name and a logo for the currency in gestation.
The contest runs until November 20, 2018 and the three best proposals will be awarded. Selected proposals will receive the following awards: $10,000 for the 1st prize in each category, $8,000 for the 2nd prize and $5,000 for the 3rd.
After the deadline for the submission of proposals, set for 20th November, a jury of 11 West African personalities who are experts in various fields such as design, economics, history, etc., will select the three best nominations of the three best logo proposals for the future currency.
An initiative to involve people in the creation of the new currency that could unite more the continent and participate in its effective development of peoples.
The creation of this monetary union must first pass through a convergence of the economies of the region, with criteria to be respected, such as a public deficit not exceeding 3% of GDP and an inflation rate of less than or equal to 5%.
Like the others, 7 countries in the Member States use their own currency, these are Ghana, Guinea, Liberia, Gambia, Sierra Leone, Nigeria and Cape Verde.