The Ghanian government says it
will proceed with caution before adopting the single currency proposed by the
Economic Community of West African States (ECOWAS) — days after endorsing the
adoption of Eco by eight countries in the subregion.
At its 55th ordinary session in
July, the heads of the 15-member countries had agreed to launch ECO, its
proposed single currency, in 2020.
The community also agreed that a
flexible currency regime will be adopted.
But in a statement on Friday, the
Bank of Ghana said there are several unresolved issues regarding the common
currency which requires time to settle.
The apex bank said this while
justifying its introduction of new higher Ghana cedi denomination banknotes,
which have been described in some quarters as an “ambush”.
It said the Ghanian government
will work with ECOWAS to ensure a sustainable and viable currency.
“Furthermore it has been alleged
that the expenditure is a waste in the context of a new Eco currency in 2020.
The Bank of Ghana would want to clarify that although the Government of Ghana
is committed to do all it can to join the West African common currency
arrangement, there are many unresolved issues regarding the common currency,
which would take time to resolve,” the statement read.
“The Bank of Ghana will be
working with ECOWAS Central banks to ensure that any currency arrangement will
be viable and sustainable.”
On December 21, eight countries
namely Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal
and Togo, announced that they would be changing from the CFA Franc to Eco.
The countries, which are all
French colonies except Guinea-Bissau, severed financial links to France with
the decision.
In Nigeria, Zainab Ahmed, the
minister of finance, budget and national planning, said the country is still
working on the next course of action on the adoption of the single currency.
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