From L-R: President of Ivory Coast, Alassane Ouattara, and President of Ghana, Nana Addo Dankwa Akufo-Addo.
The government claims it will quickly be part of 8 West African Countries which have dedicated to use a common forex, the ECO, from the year 2020.
Saturday’s press launch from the president’s Director of Communication, Eugene Arhin, said the determination is based on the perception that this will assistance clear away trade and financial barriers, minimize transaction charges, raise economic activity, and raise the residing criteria of Ghanaians.
“We have a historic prospect to create a new fact for the peoples of ECOWAS, a fact of general prosperity and development. So, permit us seize it,” the statement reported.
On December 21, 2019, the President of the West African Economic and Monetary Union (UEMOA), Alassane Ouattara, at a news convention with French President, Emmanuel Macron, in Ivory Coast made a declaration on the choice taken by 8 (8) West African Member States of UEMOA to discontinue the use of the Financial Group of Africa (CFA) franc currency.
The eight West African international locations which will start off utilizing the ECO from the 12 months 2020 include things like Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
The ECO was the proposed identify for the prevalent currency that the West African Monetary Zone (WAMZ) prepared to introduce in the framework of the Financial Neighborhood of West African States.
The authorities of Ghana thinks this is a welcome choice worthy of applauds and has rallied other African countries to embrace it.
“Ghana urges the other Member States of ECOWAS to perform speedily in the direction of applying the conclusions of the Authorities of ECOWAS, together with adopting a adaptable exchange charge regime, instituting a federal technique for the ECOWAS Central Bank, and other associated agreed convergence requirements, to assure that we attain the solitary currency objectives of ECOWAS, as shortly as possible, for all Member States,” the assertion included.