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18.08.2004 Business & Finance

Common currency for W/A on course


Ho, Aug. 18, GNA- The common currency for West Africa, the ECO, would come into effect as scheduled in July 2005, even if member countries were unable to meet the four convergence criteria.

Dr Kofi Konadu Apraku, Minister for Regional Cooperation and New Partnership for Africa's Development (NEPAD), made this known in Ho on Wednesday.

He listed the mandatory requirements by member countries as, single digit inflation, foreign reserves that should cover three months of imports, borrowing less than ten percent of total national revenue and not more than four percent budget deficit.

The Minister was addressing a public education and sensitisation programme on NEPAD and the West Africa Monetary Zone (WAMZ). He said Ghana had so far met the foreign reserves and the less than four percent budget deficit criteria and was optimistic that by July 2005 the single digit inflation would also be achieved.