The government of Ghana has commended the decision by eight West African Countries which have committed to use a common currency, the ECO, from the year 2020.
In a press release on Saturday, December 28, 2019 from the President’s Director of Communication, Eugene Arhin, said the decision will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of countries involved.
“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.
The government of Ghana according to the statement stated that “We, in Ghana, are determined to do whatever we can to enable us to join the Member States of UEMOA, soon, in the use of the ECO, as, we believe, it will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of our people.”
The statement added that “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.
Below is the full statement:
Source: mybrytfmonline
