Ghana welcomes the new ECO currency

The government of the Republic of Ghana on 28 December, 2019, issued a release welcoming the ECO currency championed by West African Economic and Monetary Union (UEMOA).

This came in the wake of recent declaration made on Saturday 21 December, 2019, by the president of the UEMOA, His Excellency Alassane Ouattara, 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 CFA Franc, in favour of the proposed, new common currency ECOWAS, the ECO, beginning 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,” the release stated.

The release added: “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 cost, 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 they 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 people of ECOWAS, a reality of general prosperity and progress. So let us seize it,” the release ended.