Ghanaian government declares a willingness to adopt the new ECO

In a statement released by the communications directorate at the seat of the President on December 28th, 2019, signed by the communications director, Eugene Arhin, the government of Ghana welcomes the new ECO as a step in the right direction, declares an intention to adopt the currency and as well urges other member states to speed-up processes towards implementation. Below is the full statement released by the government:

“The government of Ghana has taken notice of the recent declaration made on Saturday, 21st December 2019 by the president of the West African Economic and Monetary Union (UEMOA), His Excellency Alassane Ouattara, 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 favor of the proposed, new common currency of ECOWAS, the ECO, beginning in 2020.

This is a welcome decision, which Ghana warmly applauds. It is 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.

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.

We have a historic opportunity to create a new reality for the people of ECOWAS, a reality of general prosperity and progress. So, let us seize it.”

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