The Government of Ghana has taken notice of the recent declaration made on 21st December, 2019 by the President of the West African Economic and Monetary Union (UEMOA), His Excellency Alassane Quattara, the President of the Republic of Cote D’Ivoire on the decision taken by the eight (8) West African Member States of UEMOA to discontinue the use of the CFA Franc in favour of the proposed, new common currency of ECOWAS, the ECO beginning in 2020.
This is a welcome decision that Ghana applauds. It is good testimony to the importance that’s being attached not only to the establishment of a monetary union but also to the larger agenda of West African Integration. “We, in Ghana are determined to do whatever we can to enable us join the Member States of UEMOA soon, in the use ECO, as we believe it’ll help remove trade and monetary barriers, reduce transaction costs, boost economic activity and raise the living standards of our people.
Ghana urges the other Member States of ECOWAS to work rapidily towards implementing the decisions of the Authorities of ECOWAS including adopting flexible exchange rate regime, instituting a federal system for the ECOWAS Central Bank, and other related convergence criteria, to ensure that we achieve the single currency objectives of ECOWAS as soon as possible for all the Member States. We’ve a historic opportunity to create a new reality for the peoples of ECOWAS, a reality of general prosperity and progress. So let’s us sieze it.