The Head of Finance of the Cape Coast, Business School, Professor John Gatsi says ECOWAS countries should be able to liberalize the economic management restrictions they face on the international market as ECOWAS adopts a single currency, also called the ‘Eco”.
Prof. Gatsi emphasized that African countries might have some difficulties in accessing capital to engage in international trade if such restrictions are not liberalized.
In an interview with Business News, Prof Gatsi said this move will help enhance and create a strong value for the currency to diversify the economy.
“The ability of African countries to come together as a force to bargain on the international platform for which all the restrictions from colonial time up to today which have been placed on us in terms of how to extract our natural resources, get low value, and the prices of our items are determine with out our participation.
When those restrictions continue to be on you it means that you can not develop on those areas, you can’t diversify and you will still have the same problem that you use to have with the single currency” he added
He urged ECOWAS states to take advantage of the adoption of a single currency and the African Continental Free Trade Agreement to enhance trade among member states and on the international market.
STORY BY: MARYAM HASSAN