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Business & Finance | May 11, 2004

Ghana's monetary delegation leaves for Freetown

GNA

Accra, May 10, GNA - Mr Kwaku Agyeman-Manu, Deputy Minister of Finance and Economic Planning is leading Ghana's delegation to Freetown, Sierra Leone to attend a series of meetings as a move to create a second West African Monetary Zone, (WAMZ).

The meetings, scheduled for May 10 -14 are the 17th WAMZ Technical Committee, the 11th Committee of Governors of Central Banks and the 14th Convergence Council of Ministers and Governors of Central Banks of which

Ghana's Minister of Finance and Economic Planning, Mr Yaw Osafo-Maafo is the Chairman.

The Deputy Minister is standing in for Mr Osafo-Maafo.

A statement signed by Nana Ohene-Ntow, Government Spokesman on Finance and Economy said key issues for the meetings would be macro-economic performance and convergent, statistical harmonisation and action plan for the implementation of the monetary union and its transition.

Ghana, the Gambia, Nigeria, Sierra Leone and Guinea are working towards the creation of a second West African Currency, the "Eco" to run alongside the CFA until the policy of a single currency for West African region was achieved.

The statement said: "so far, out of the five convergence criteria, Ghana has met three, Nigeria two, Sierra Leone one, the Gambia, one and Guinea zero.

The Freetown meetings would also consider a report of the committee on the housing of the West African Central Bank in Accra.

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