ECOWAS: All Central Banks meet over the introduction of ECO currency

ECOWAS: All Central Banks meet over the introduction of ECO currency

- The Central Banks in the ECOWAS sub-region have began to discuss issues relating to the possible introduction of the single currency, the ECO

- The committee of Central Bank governors is expected to discuss the implications of the proposed introduction of the single currency the ECO to replace the CFA franc

- The Central Bank governors are expected to forward their recommendations to the Heads of States in the region as to whether the region is ready for the introduction of the single currency

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The Central Banks in the ECOWAS sub-region on Tuesday, January 14, 2020, began an Extra-Ordinary meeting to discuss issues relating to the possible introduction of the single currency, the ECO.

The committee of Central Bank governors is expected to discuss the implications of the recent announcement by the French-speaking countries in ECOWAS on the proposed introduction of the single currency the ECO to replace the CFA franc.

The Central Bank governors will also discuss and determine the way forward for the member states of the West African Monetary Zone (WAMZ) in line with the road map for the introduction of the single currency - The ECO.

ECOWAS: All Central Banks meet over the introduction of ECO currency

ECOWAS: All Central Banks meet over the introduction of ECO currency Source: UGC
Source: UGC

READ ALSO: 2019 cedi performance worst in 3-years under Akufo-Addo administration

The meeting will be preceded by the Technical Committee meeting comprising directors of research or Monetary Policy Department of the Central Banks in the West African region.

The Technical Team will also present proposals made by the West African Monetary Institute about the ECO.

The Central Bank governors are expected to forward their recommendations to the Heads of States in the region as to whether the region is ready for the introduction of the single currency.

The gathering further see will in attendance Central Bank governors various monetary and research directors in the West African Monetary Zone.

READ ALSO: Investments yield the right returns in Ghana — Dangote asserts

In order news, the cedi’s perennial struggles against the US dollar does not seem to go away as this year’s performance is rated as the worst in the three-year-old Akufo-Addo administration.

According to data from the Bank of Ghana, the cedi depreciated by about 10.6 percent against the greenback compared to the 8.21 percent depreciation achieved last year.

Even the 2018 performance was worst off when compared to 2017 where the cedi showed a rare determination to shed 3.27 percent of its value against the US dollar.

This year’s performance was set off by the Bank of Ghana’s decision to reduce its monetary policy rate by 100 basis points to 16 percent in January.

READ ALSO: Accident on the Tano river poisons water; kills fishes and crocodiles in the river

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Source: Yen

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