The Governor of the Bank of Ghana, Dr. Ernest Addison says the successful implementation of the ECOWAS ambitious single common currency ‘ECO’ will depend on larger economies in the sub-region meeting the convergence criteria.
Dr. Addison believes, that will make the currency strong enough to boost intra-West-African trade.
The Economic Community of West African States, ECOWAS, adopted the ‘ECO’ last month with an impending launch in 2020. The ‘ECO’ which has been discussed for over two decades was adopted at a meeting of the fifteen (15) member country regional bloc.
Some analysts have said, eight out of the fifteen countries using the CFA franc which is pecked to the Euro would pose a big challenge during the implementation process.
Speaking on how feasible the implementation of the ‘ECO’ would be in 2020, the governor of the Bank of Ghana, Dr. Ernest Addison, said the nature of the criteria for the implementation of the single currency next year, could make things difficult.