Company News of Monday, 30 December 2019
The Governing administration of Ghana has taken recognize of the new declaration made on Saturday, 21st December, 2019, by the President of the West African Economic and Financial Union (UEMOA), His Excellency Alassane Ouattara, the President of the Republic of Cote d’Ivoire, on the decision taken by the 8 (8) West African Member States of UEMOA to discontinue the use of the CFA Franc, in favour of the proposed, new popular currency of ECOWAS, the ECO, commencing in 2020.
This is a welcome determination, which Ghana warmly applauds. It is excellent testimony to the importance that is staying hooked up not only to the institution of a financial union but also to the larger sized agenda of West African integration.
We, in Ghana, are established to do whatsoever we can to permit us sign up for the Member States of UEMOA, shortly, in the use of the ECO, as, we believe, it will support take out trade and monetary obstacles, lessen transaction fees, increase financial activity, and raise the residing expectations of our persons.
Ghana urges the other Member States of ECOWAS to function fast in the direction of employing the choices of the Authorities of ECOWAS, including adopting a versatile trade charge regime, instituting a federal method for the ECOWAS Central Bank, and other related agreed convergence standards, to make certain that we realize the solitary currency aims of ECOWAS, as shortly as attainable, for all Member States.
We have a historic opportunity to produce a new reality for the peoples of ECOWAS, a fact of standard prosperity and development. So, allow us seize it.