- There is going to be a single currency in West Africa by 2020
- Nana Addo believes this currency will boost trade in Africa
-Vice, president, Dr Bawumia, says Ghana is ready to go for the new currency
Ghana will soon change its currency as it joins the rest of West Africa to fast track moves to achieve a common currency by 2020.
Vice president of the republic, Dr. Mahamudu Bawumia, has revealed that some presidents in the West African region will be in Accra on February 21 to have a crucial meeting on the ECOWAS Single Currency Programme. The meeting, if successful, aims to have all countr
Government says it will be following other West African countries in the West African Monetary Zone (WAMZ) to achieve the target of a single currency by the year 2020.
The outcome of the crucial meeting was captured in a communique which said that the ministerial committee had been instructed to meet within three months to propose a new road map to accelerate the creation of the single currency by 2020.
West Africa is adopting a single currency in the next three years as part of moves to achieve a strong and singular trade facilitation regime.
It also forms part of efforts to present the whole of West Africa as an economic regional force in Africa and the rest of the world.
All economies in West Africa have a key convergence criteria needed to achieve the goal of ECO. These include political stability, fiscal discipline, an independent central bank, strong regional institution among many others.
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