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10.05.2004 Business & Finance

Five countries adopt Eco currency next year

By GNA

Accra, May 10, GNA- Mr. Eric Kwatia, Special Assistant to the Minister for Regional Cooperation and NEPAD, on Monday said a new currency called the "ECO" would be adopted as a legal tender by July 1, next year by five African countries.

He said Ghana has been chosen as the headquarters of the West African Central Bank in Accra.

Mr. Kwatia said this at separate programmes on NEPAD and the West African Monetary Zone (WAMZ), for three second-cycle institutions in the Volta region.

They are, Bueman Secondary School in the Jasikan District, Kpando Secondary Schools in the Kpando District and, Hohoe Secondary School in the Hohoe district.

A statement signed by Mr. Ahmed Osumanu Halid, Media Relations Officer of the Ministry on Monday said, Ghana, The Gambia, Nigeria, Guinea and Sierra Leone decided to adopt the currency for diverse benefits.

It said the currency would facilitate the enlargement of the regional market, save time in terms of changing money and promote integration among member countries.

Mr. Kwatia said NEPAD was not the "Bretton Wood Institution conditionality", but it was rather an initiation by African leaders to ensure a positive change in the lives of the people.

He said the whole concept was owned by African leaders and that they were therefore determined to ensure good governance, democracy, peace and stability in their respective countries.

He said the NEPAD concept has incorporated all sectors of the economy such as education, health, telecommunication, agriculture, HIV/AID, Health, transportation and infrastructure.

Mr. Kwatia expressed the hope that NEPAD has the solution to the numerous problems facing the continent and urged the students and teachers to be involved in national and international affairs.

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