Ghana is set to soon swap the Cedi for the new single ECOWAS common currency, the ECO.
Eight West African Member States of West African Economic and Monetary Union (UEMOA) are to discontinue the use of the CFA Franc, in favour of the proposed ECO beginning 2020.
A statement from the Jubilee House signed by the Director of Communications, Eugene Arhin stated that the single currency market will help remove trade and monetary barriers, reduce transaction costs, boost economic activities and also raise living standards.
Ghana was therefore, calling on other ECOWAS member states to expedite work towards implementing the single currency usage decision.
“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 stated read.
Read the full statement below
Declaration By The Government Of The Republic Of Ghana On The Adoption Of The ‘ECO’ By UEMOA
The Government of Ghana has taken notice of the recent declaration made on Saturday, 21st December, 2019, by the President of the West African Economic and Monetary Union (UEMOA), His Excellency Alassane Ouattara, the President of the Republic of Cote d’Ivoire, on the decision taken by the eight (8) West African Member States of UEMOA to discontinue the use of the CFA Franc, in favour of the proposed, new common currency of ECOWAS, the ECO, beginning in 2020.
This is a welcome decision, which Ghana warmly applauds. It is 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.
We, in Ghana, are determined to do whatever we can to enable us join the Member States of UEMOA, soon, in the use of the ECO, as, we believe, it will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of our people.
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.
We have a historic opportunity to create a new reality for the peoples of ECOWAS, a reality of general prosperity and progress. So, let us seize it.
Eugene Arhin
Director of Communications.