MONROVIA, Montserrado â€“ The Economic Community of West African States has launched a competition to select a name and logo for the regionâ€™s proposed single currency.
In 1983, the idea of a single currency for ECOWAS member counties was given birth in Conakry to integrate the regional economy. Progress has generally stalled on the project but a roadmap was adopted in May 2009 with the aim of creating the ECOWAS single currency in 2020.
In 2013, ECOWAS established the task force to oversee the process of furthering the creation of the single currency, given the numerous delays. The task force 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.
According to the term of reference published on the Central Bank of Liberiaâ€™s website, the competition is open to all citizens of ECOWAS member states.
Participation in the competition is free of charge and competitors can win cash prizes of US$10,000, US$8,000, and US$5,000 in two categories: logo and name. Entries must be mailed to the ECOWAS Commissionâ€™s address in Nigeria by November 20, 2018.