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Ghana: Presidency announces nation to drop the Cedi for the Eco

Ghana’s presidency said Saturday, December 28, that the nation is determined to do what it takes to soon join member states of the West African Economic and Monetary Union in the use of the new single currency, the eco.

“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,” a statement signed by Eugene Arhin, Director of Communications at the Presidency read.

Ghana has equally encouraged other ECOWAS members to ensure that they achieve the single currency objectives of ECOWAS.

“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.”

The West African nation sees this as “a historic opportunity to create a new reality for the peoples of ECOWAS, a reality of general prosperity and progress.“

On Saturday, December 21, 2019, the President of the West African Economic and Monetary Union (UEMOA), Alassane Ouattara, the President of the Republic of Cote d’Ivoire, announced that 8 West African Member States of UEMOA will discontinue the use of the CFA Franc, in favour of the proposed, new ECOWAS common currency, the ECO, beginning in 2020.

 

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