Ghana Lauds Eco Adoption As Nigeria Studies Development.
UMORU ABDULKADIR and AMINA HUSSAINI, Abuja.
Ghana, Monday lauded the decision to step down the CFA for the new proposed currency, Eco from next year, describing the decision as one to deepen the relationship in the West African sub-region.
Nigeria, however, said it is studying the decision of the Eight West Africa French-speaking countries that resolved December 21 to dump the CFA as Franc and adopted the new proposed currency of ECOWAS, the ECO.
The resolution of the Eight countries was announced at a press conference in Abidjan by Presidents Emmanuel Macron of France and Alassane Quattara of Cote d’Ivoire ,
Ghana in a statement signed by the Director of Communications in the Ghana’s Communications Directorate, Mr. Eugene Archin said, the country has taken notice of the recent declaration by eight West African Member States of West African Economic and Monetary Union (UEMOA) led by His Excellency, Alassane Quattara, the president of Cote D’voire and UEMOA to discontinue the use of the CFA Franc, in favour of the proposed ECO from 2020.
He described the decision as a welcome one, which the country greatly applauds, saying that it will help in the integration of the West African sub-region.
Archin said, “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.”
He urged other member States of ECOWAS to work rapidly towards implementation of the authorities’ decision including adoption of a flexible exchange rate regime to ensure the objectives of the single currency of ECOWAS are achieved within the shorted possible time.
“We have a historic opportunity to create a new reality for the people of ECOWAS, reality of general prosperity and progress. So, let us seize it,” he concluded.
Nigeria in a statement by Yunusa Tanko Abdullahi, media aide to the Finance Minister said the country has received the news of the change of name of the UEMOA currency, the CFA to Eco as the sub-region single currency.
“Nigeria is studying the situation and would respond in due course”, he said.
ECOWAS countries had had several meetings spanning a decade on the Eco single currency which introduction was initially scheduled for 2003. The introduction of the currency was marred by delay and was postponed several times, to 2005, 2010 and 2014.
At a meeting of the Convergence Council of Ministers and Governors of West Africa on 25 May 2009, the start of the currency was rescheduled to 2015 due to the international economic crisis but could also not hold.
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