On April 20,2000, in Accra, Ghana, the leaders of six West African countries declared their intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003, as first step toward a wider monetary union including all the ECOWAS countries in 2004. The six countries 1 themselves to reducing central bank financing of budget deficits 2 10 percent of the previous years government 3 ; reducing budget deficits to 4 percent of the second phase by 2003; creating a Convergence Council to help control macroeconomic policies; and 5 up a common central bank. Their declaration 6 that, "Member States 7 the need 8 strong political commitment and 9 to 10 all such national policies 11 would facilitate the regional monetary integration process."
The goal of a monetary union in ECOWAS has long been an objective of the organization, going back to its formation in 1975, and is intended to 12 broader integration process that would include enhanced regional trade and 13 institutions. In the colonial period, currency boards linked sets of countries in the region. 14 independence, 15 , these currency boards were 16 , with the 17 of the CFA franc zone, which included the francophone countries of the region. Although there have been attempts to advance the agenda of ECOWAS monetary cooperation, political problems and other economic priorities in several of the region"s countries have to 18 inhibited progress. Although some problems remain, the recent initiative has been bolstered by the election in 1999 of a democratic government and a leader who is committed to regional 19 in Nigeria, the largest economy of the region, raising hopes that the long-delayed project can be 20 .