This meeting came after the meeting of the committee of finance ministers and governors of central banks of the community space in the Nigerian capital. ĮCOWAS leaders met in Abuja on 21 December 2019, six months after adopting the name "eco" for the future single currency project. The currency was planned to be introduced in 2020. On 29 June 2019 the leaders of the Economic Community of West African States (ECOWAS) formally adopted the name of "eco" for their project of the single currency. On 23 February 2018, according to the economist Jean Joseph Boillot, no serious work on the technical aspects of this implementation has yet been undertaken, either at the university level or at the state level. In February 2018, ECOWAS affirmed its intention to restart the process with an introduction in 2020, which is strictly impossible: it is therefore a declaration of intent. The Director of Multilateral Surveillance ECOWAS Commission, Lassane Kabore, described the performance as "dismal", but he also affirmed the commitment of his commission to the establishment of the Eco. The average annual inflation rate also increased from 11.6% in 2011 to 12.6% in 2012. The convergence scale of the whole WAMZ area was also projected to go down from a score of 79.2% in 2011 to 62.5% in 2012 as no member met all the convergence criteria. The performance scorecard presented at the 2012 Annual Statutory Meetings of the WAMZ shows that GDP growth was projected to decline to 6.9% in 2012 from 8.7% in 2011. Recent assessments of member countries' efforts to meet the criteria are very bleak. Thus, WAMI is to provide a framework for central banks in the WAMZ to start the integration and begin preliminary preparations for the printing and minting of the physical money, just as EMI did before in the Eurozone before the introduction of the euro. Its function and organisation are inspired by the European Monetary Institute. It is to be an interim organisation in preparation for the future West African Central Bank. In 2001, the West African Monetary Institute (WAMI) was set up with headquarters in Accra, Ghana. The December 2009 meeting also established a plan to begin work to merge the Eco with the CFA franc immediately upon the launch of the Eco this was planned to be achieved by 2020.
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At a meeting of the Convergence Council of Ministers and Governors of West Africa on, the start of the currency was rescheduled to 2015 due to the international economic crisis. The Eco was first planned to be introduced in 2003, but this was postponed several times, to 2005, 20. The goal of a common currency, first in West African Monetary Institute (WAMI)/West African Monetary Zone (WAMZ) countries –The Gambia, Ghana, Guinea-Conakry (which is French speaking but does not use the CFA franc), Liberia, Nigeria and Sierra Leone–and later in the whole ECOWAS area, was officially stated in December 2000 in connection with the formal launch of WAMZ. Public investment to tax revenue equal to or greater than 20 percent.Wage bill to tax revenue equal to or less than 35 percent.Tax revenue should be equal to or greater than 20 percent of the GDP.Prohibition of new domestic default payments and liquidation of existing ones.The six secondary criteria to be achieved by each member country are: Gross external reserves that can give import cover for a minimum of three months.A central bank deficit-financing of no more than 10% of the previous year's tax revenues.
![eco the game currency eco the game currency](https://d1fs8ljxwyzba6.cloudfront.net/assets/editorial/2020/04/valorant-economy-guide.jpg)
![eco the game currency eco the game currency](https://i.ytimg.com/vi/0BkeCkgv3Jo/maxresdefault.jpg)
A fiscal deficit of no more than 4% of the GDP.A single-digit inflation rate at the end of each year.The four primary criteria to be achieved by each member country are: Up to the fiscal year 2011, only Ghana has been able to meet all the primary criteria in any single fiscal year. These criteria are divided into four primary and six secondary criteria. For the Eco to be implemented, ten convergence criteria, set out by the West African Monetary Institute (WAMI), must be met.