The Minister for Finance, Mr. Ken Ofori-Atta, has urged West African leaders to step up efforts to keep their economies growing to realise the proposed one currency for the sub-region.
The Minister’s request underscores the urgency of the situation and the ambitious goals set by West African nations to achieve monetary unity.
He made the call during the 50th Meeting of the Convergence Council of Ministers and Governors of the Central Banks of the Member States of the West African Monetary Zone last Friday in Accra.
“It has become imperative for Member States to continue to implement prudent fiscal, monetary and exchange rate policies and adopt policy measures aimed at enhancing domestic revenue mobilisation and diversification of our economies,” he added.
It would be recalled that the Economic Community of West African States (ECOWAS) Heads of State adopted a roadmap for the introduction of a shared currency dubbed ECO in June 2021.
According to him, the journey towards a single currency programme and more broadly, the economic integration agenda had been a long one but was hopeful the meeting would intensify achievable commitments towards the single currency programme for 2027.
“Given the challenging macroeconomic environment facing ECOWAS the dream of a single currency may seem distant, perhaps even utopian, to some…, but we cannot relent,” Mr Ofori-Atta assured.
He disclosed among other things the need to leverage on the gains made in trade integration and financial integration to chart a clearer path towards the ECO.