Morocco is ready to abandon its currency in order to join ECOWAS, according to Marcel de Souza

Morocco is abandoning its currency after legally joining the Economic Community of West African States (ECOWAS), according to Marcel de Souza, Chairman of the pan-African organization. In an interview with Sputnik, a Russian news agency, de Souza insisted that the kingdom is willing to join the common monetary zone scheduled for 2020.

«In its (membership) application, the King has written that when there is a single currency, he will be ready to abandon the Dirham and to join it.»

Marcel de Souza, explained that members of ECOWAS are looking forward to adopting a unique currency with a single Central Bank. He also added that «if we expand to other countries, all the countries that will join will use this single currency. This is what will promote exchanges and means of payment».

The implementation of the «African Euro», according to the ECOWAS president, will eventually take place and head of states will be notified about it.

For the record, Morocco’s bid to join the regional economic organization was accepted in principle on the 4th of July amid the organization’s summit held in Liberia.