Ghana alongside some eight African countries [Benin, Burkina Faso, Côte D’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo] will soon tune to the use the new proposed Eco currency.
The bill is believe to take effect beginning 2020 among the member countries of The West African Monetary and Economic Union (also known under the French acronym, UEMOA
The single currency will help in removing trade and monetary challenges, bring down transaction costs, improvement in economic activities and also bring better living standard.
The country is therefore calling up heads in affairs at the ECOWAS to accelerate works to implement the new currency.
“…...Ghana urges the other Member States Of ECOWAS to work rapidly towards the implementing the decisions of the authorities of ECOWAS, which adopting a flexible exchange rate regime , instituting a federal system for the ECOWAS Central Bank, and other related agreed criteria, to ensure that we achieve the single currency objectives of ECOWAS.”
DECLARATION BY THE GHANA GOVERNMENT ON THE ADOPTION OF THE ECO
The Ghana government had had notice of the declaration made on Saturday, 21st Dec. 2019, by the President of the union Allassane Ouattara on the decision taken by the eight African countries to stop the use of CFA Franc, in support of the proposed new currency ECO, beginning 2020.
This is a welcomed decision which Ghana eagerly applauds. It is good testimony to the importance establishing a monetary union and also a great boost to the great agenda of West Africa integration.
We, in Ghana are ready to do whatever we can to enable us join the union soon, in the use of the ECO.
Eugene
Director of Communications.