The Authorities of Ghana has stated that it’s going to ‘soon’ undertake using the brand new Eco frequent foreign money which was declared by the West African Financial and Financial Union (UEMOA) for introduction in 2020.
Eight Financial Group of West African (ECOWAS) nations agreed to alter the identify of their frequent foreign money to Eco and discontinue using the CFA franc’s linked to former colonial ruler France.
The event was introduced by the President of the UEMOA, his Excellency Alassane Ouattara President of the Republic of Cote d’Ivoire on December 22 throughout a go to by French President Emmanuel Macron to Ivory Coast.
In accordance with a press release by the Ghanaian authorities, signed by the Director of Communication, Eugene Arhin, the choice is an efficient testimony to the significance that’s being connected not solely to the institution of a financial union but additionally to the bigger agenda of West African integration.
“It is a welcome resolution, which Ghana warmly applauds. It’s a good testimony to the significance that’s being connected not solely to the institution of a financial union but additionally to the bigger agenda of West African integration.
“We, in Ghana, are decided to do no matter we are able to to allow us to hitch the Member States of UEMOA, quickly, in using the ECO, as, we consider, it’ll assist take away commerce and financial boundaries, cut back transaction prices, enhance financial exercise, and lift the dwelling requirements of our individuals.”
The Ghanaian authorities urged different Member State of ECOWAS to work quickly in direction of implementing the selections of the authorities, together with “adopting a versatile alternate price regime, instituting a federal system for the ECOWAS Central Financial institution, and different associated agreed convergence standards, to make sure that we obtain the only foreign money goals of ECOWAS, as quickly as doable, for all Member States.
“We now have a historic alternative to create a brand new actuality for the peoples of ECOWAS, a actuality of normal prosperity and progress. So, allow us to seize it,” it pressured.