Government says the decision taken by the eight (8) West African Member States of UEMOA to change their currency to Eco, a proposed new common currency of ECOWAS, and sever the CFA franc’s links to former colonial ruler France, is an important step towards the unification and integration of the West African bloc.
In a press release issued Saturday, December 28, by the Director of Communications at the Presidency, Mr. Eugene Arhin, Government believes, this will “help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of our people.”
“This is a welcome decision, which Ghana warmly applauds. It 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,” it 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,” the release stated.
The statement continued, “Ghana urges other Member States of ECOWAS to work rapidly towards the implementation of the decisions of the Authorities of ECOWAS—adopt a flexible exchange rate regime, institute a federal system for the ECOWAS Central Bank, and other related agreed convergence criteria.”
“This, the Government of Ghana believes will ensure that, “we achieve the single currency objectives of ECOWAS, as soon as possible, for all Member States.”
Imperatively, “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.
Eight West African countries Saturday, 21st December, 2019, agreed to change their common currency to Eco, beginning 2020.
The announcement was made when French President Emmanuel Macron paid a visit to Ivory Coast.
Mali, Niger, Senegal, Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, and Togo currently use the currency. All the countries are former French colonies with the exception of Guinea-Bissau.