The Government of Ghana has revealed that plans are far advanced to join the eight West African countries which have committed to using the common currency, the ECO from 2020.
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Government, in a statement signed by the Director of Communications at the Jubilee House, Eugene Arhin, also applauded the countries which have committed to using, a common currency, saying the move will boost integration and free trade in the sub-region
“It is a good testimony to the importance that is being attached not only to the establishment of a monetary union but also to the larger agenda of West African Integration.”
According to the Ghana government, the use of a single currency in the sub-region is a great move which will remove trade and monetary barriers, reduce transaction costs, boost economic activity and raise the living standards of our people.
Ghana urged other ECOWAS members to also adopt the new common currency.
“Ghana urges the other Member States of ECOWAS to work rapidly towards implementing the decisions of the Authorities of ECOWAS, including adopting a flexible exchange rate regime, instituting a federal system for the ECOWAS Central Bank, and other related agreed convergence criteria, to ensure that we achieve the single currency objectives of ECOWAS, as soon as possible, for all Member States.”
The eight West African countries which have committed to start using the ECO from 2020 are Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
The ECO was the proposed name for the common currency that the West African Monetary Zone (WAMZ) planned to introduce in the framework of the Economic Community of West African States.
The ECO was first planned to be introduced in 2003.
YEN.com.gh earlier reported that embattled gold dealership company, Menzgold has revealed that they have paid about 200 customers their locked-up funds on day one of the announced payment plan.
Communications Director of Menzgold Ghana, Nii Armah Amarteifio said the customers who have received that funds are the first batch to have been paid.
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