January 8, 2020
Government of the Republic of Ghana has welcomed the declaration made by the President of the West African Economic and Monetary Union (UEMOA) His Excellency Alassane Ouattara on the decision by eight (8) West African Member States to discontinue the use of the CFA Franc.

Director of Communications at the Presidency Eugene Arhin in a statement noted that the move in favor of the proposed, new common currency of ECOWAS, the ECO beginning of 2020 is welcome news.

He noted that Ghana sees it as a good testimony to the importance that is 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 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 further urged other Member States of the Community 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, as well as other related agreed convergence criteria, to ensure that “we” achieve the single currency objectives of ECOWAS as soon as possible for all the Member states.

In addition we have a historic opportunity to create a new reality for the peoples of ECOWAS, a reality of general prosperity and progress, the statement said and urged the Member States to take advantage of the opportunity.

Kwaku Sakyi-Danso/ghanamps.com