Connect with us

Hi, what are you looking for?


Ghana Determined to Join West African Neighbors’ New Currency, Eco but Ditch Euro Peg

Ghana is determined to join a new West African currency, called the Eco, which is expected to replace the CFA Franc as early as 2020, according to a statement from the presidency.
“It will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of our people,” Sunday’s statement read.
On Dec. 21 Ivorian President Alassane Ouattara announced that the eight-member West African Economic and Monetary Union, made up of mainly Francophone countries and Guinea Bissau, would discontinue the use of the CFA Franc in favor of a new common currency.
The union will keep its euro peg, while currency reserves currently in France will be moved. The former colonial power will also no longer have a seat on the board of the central bank.
Ghana urged members of Ecowas, or the 15-member Economic Community of West African States, to work rapidly toward implementing the decisions taken by the regional body, including the adoption of a flexible exchange rate regime, instituting a federal system for the Ecowas Central Bank, and other related agreed convergence criteria.
Ghana is a member of Ecowas but not the West African monetary union.

You May Also Like

Top Stories

The Paramount Chief of the Effutu Traditional Area, Neenyi Ghartey VII, has assured the public that the impending 2017 Aboakyir Festival would be peaceful....

International hit record high in 2016. Site and apps viewed 15 billion times, with almost 100m unique browsers each month. Three senior appointments, expansion...


The Accra Report started Recipe Tuesdays to showcase the culinary delights of the African continent. There has been a significant time lapse between our...


One of our goals at The Accra Report is to expose to the world the eclectic beauty of Ghana and the African continent. In...

Copyright © 2020