Business
ECOWAS working towards integration of Capital Markets by 2016
“We also have technical challenges such as harmonization of rules, and we are benchmarking all of these rules with global best standards. But for us, the biggest challenge is financing in terms of how do we pay for all of these,” he added.
The integration of the capital markets could be another white elephant after the much touted common currency, eko, failed to take off. Its implementation has faced numerous postponements with latest date now fixed fine 2020. The year fixed for the actualization of the common currency was approved by West African Monetary Zone at a meeting also held in Abuja in July 2014.
The deadline for the implementation of the common currency project was January 1, 2015, but this had to be shifted to 2020 as the English speaking countries in the bloc do not have a common currency like CFA franc of their French-speaking counterparts.
