The Ghanaian government has said that it will ‘soon’ adopt the use of the new Eco common currency which was declared by the West African Economic and Monetary Union (UEMOA) for introduction in 2020.
Eight Economic Community of West African (ECOWAS) countries agreed to change the name of their common currency to Eco and discontinue the use of the CFA franc’s linked to former colonial ruler France.
The development was announced by the President of the UEMOA, his Excellency Alassane Ouattara President of the Republic of Cote d’Ivoire on December 22 during a visit by French President Emmanuel Macron to Ivory Coast.
According to a statement by the Ghanaian government, signed by the Director of Communication, Eugene Arhin, the decision is a 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.
“This is a welcome decision, which Ghana warmly applauds. It is a 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.
“We, in Ghana, are determined to do whatever we can to enable us to 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 costs, boost economic activity, and raise the living standards of our people.”
The Ghanaian government urged other Member State of ECOWAS to work rapidly towards implementing the decisions of the authorities, 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.
“We have a historic opportunity to create a new reality for the peoples of ECOWAS, a reality of general prosperity and progress. So, let us seize it,” it stressed.