The Government has welcomed the decision by eight member states of the West African Economic and Monetary Union (UEMOA) to adopt the ECO, the proposed new common currency of ECOWAS set to begin in 2020.
A statement issued by the Jubilee House, in Accra over the weekend, and signed by the Eugene Arhin, Communications Director at the Presidency, said the development “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 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 said.
Ivorian leader Alassane Outarra, who is also the President of the UEMOA, announced Saturday, December 21, 2019 that Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo, had agreed to cut ties with the CFA Franc and adopt the ECOWAS single currency from the year 2020.
The statement urged the other Member States to work rapidly towards implementing the decisions of the Authorities of ECOWAS to ensure that the bloc achieves its single currency objectives “as soon as possible, for all Member States.”
“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 Eco is the proposed name for the common currency for West Africa.
The New currency that is to be pegged to the Euro, is expected to be adopted on the first of July 2020, pursuant to members states meeting a number of convergence criteria.