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29.12.2019 Business & Finance

Ghana to abandon the cedi for ECO soon - Government

By MyJoyOnline
From L-R: President of Ivory Coast, Alassane Ouattara, and President of Ghana, Nana Addo Dankwa Akufo-Addo.
LISTEN DEC 29, 2019
From L-R: President of Ivory Coast, Alassane Ouattara, and President of Ghana, Nana Addo Dankwa Akufo-Addo.

The government says it will soon join eight West African Countries which have committed to use a common currency, the ECO, from the year 2020.

Saturday’s press release from the president’s Director of Communication, Eugene Arhin, said the decision is based on the belief that this will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of Ghanaians.

“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,” the statement said.

On December 21, 2019, the President of the West African Economic and Monetary Union (UEMOA), Alassane Ouattara, a news conference with French President Emmanuel Macron in Ivory Coast’s Abidjan province made a declaration on the decision taken by the eight (8) West African Member States of UEMOA to discontinue the use of the Financial Community of Africa (CFA) franc currency.

The eight West African countries which will start using the ECO from the year 2020 include Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

The ECO was the proposed name for the common currency that the West African Monetary Zone (WAMZ) planned to introduce in the framework of the Economic Community of West African States.

The government of Ghana believes this is a welcome decision worthy of applauds and has rallied other African countries to embrace it.

“Ghana urges the other Member States of ECOWAS to work rapidly towards implementing the decisions of the Authorities of ECOWAS, 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,” the statement added.

Story by Myjoyonline.com

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