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We must implement ECOWAS single currency by 2020–Nana Addo

President Akufo-Addo has reaffirmed that the implementation of common currency for ECOWAS member states cannot be rescheduled beyond the 2020 deadline date.

According to him, it is imperative for countries in the West African Sub-region to work at achieving the convergence criteria required for the implementation of the ECO single currency in two years.

Speaking at the Fifth Meeting of the Presidential Task Force on the ECOWAS single currency programme in Accra, President Akufo Addo maintained that the implementation for the single currency is strongly tied to the economic wellbeing of sub-region.

He observed that leaders of West African countries are keen on seeing the implementation of the common currency soon.

“We remain determined to have a single currency which will help remove trade and monetary barriers, reduce transaction cost, boost economic activity and raise the living standard of our people. It is a goal, we must achieve,” he said.

Touching on the need to meet specific targets before the implementation, Nana Akufo-Addo stated that it is important to remove hurdles that will impede the smooth introduction of the currency.

“In this regard, I urge ECOWAS member states to renew their commitment in the ratification and implementation of the relevant ECOWAS protocol, such as the protocol of the free movement of persons, goods and services, the ECOWAS trade liberalization scheme, and the Common External Tariff,” he suggested.

In addition, Nana Akufo-Addo stated that with the growing population of the sub-region it will be prudent to implement the common currency to enhance trading among ECOWAS member states.

In attendance was the President of Cote d’Ivoire, Allassane Ouattara; President of Niger, Issoufou Mafiamadou, President of Togo, Faure Gnassingbé, President of Niger, and   Governor of the Central Bank of Nigeria Godwin Emefiele  among others.

By: Lawrence Segbefia/citibusinessnews.com/Ghana

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