ECOWAS reveals time-frame for roll out of common currency

Ghanaian president, Nana Akufo-Addo has reiterated that the implementation of common currency for ECOWAS member states cannot be rescheduled beyond 2020.

Speaking at the fifth meeting of the Presidential Task Force on the ECOWAS single currency programme in Accra, Akufo Addo maintained that the single currency is strongly tied to the economic well-being of sub-region.

“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.

President 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 said.

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 at the meeting were the President of Cote d’Ivoire, Allassane Ouattara; President of Niger, Issoufou Mafiamadou; President of Togo, Faure Gnassingbé; President of Niger, Governor of the Central Bank of Nigeria, Godwin Emefiele among others.

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