ACCRA, Dec 30 (NNN-AGENCIES) — Ghana will soon swap the cedi for the new single ECOWAS common currency, the eco when trading within the ECOWAS region.
“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,” a statement from the presidency said.
Currently, Ghana drops its cedi for the CFA when trading with French west Africa but now its hoping to swap the cedi for eco instead.
On Dec 21, the President of the West African Economic and Monetary Union (UEMOA), Alassane Ouattara, at a news conference with French President, Emmanuel Macron, in Ivory Coast made a declaration on the decision taken by eight West African Member States of UEMOA to discontinue the use of the Financial Community of Africa (CFA) franc currency.
Ghana believes the adoption of a single currency market will help remove trade and monetary barriers, reduce transaction costs, boost economic activities and also raise living standards.
Therefore it is 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 government statement read. — NNN-AGENCIES
