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Central Bank Governors in West Africa commit to 2020 deadline for common currency

Central Bank Governors in West Africa commit to 2020 deadline for common currency
Source: Ghana | Ebenezer Sabutey | JoyBusiness
Date: 19-06-2019 Time: 06:06:43:am
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File-photo: First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku Afari

Central Bank Governors in the West African monetary zone are committed to ensuring that the convergence criteria for member states before implementing the common currency is realized by the 2020 deadline.

The assurance is coming from First Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku Afari.

According to him, the partnership between the West African monetary zone and leaders of the member states has brought intense pressure on the technical

committee to meet the 2020 deadline.

Speaking at the SWIFT African regional conference in Accra, Dr Maxwell Opoku Afari disclosed that all bottlenecks are being worked on by member states and central bank governors to ensure that the 2020 deadline for implementing the common currency is not extended.

He said, “Achieving a common currency is not only technical but we need a strong political will and in fact, the political players are even putting pressure on the technical team to ensure that we meet the 2020 deadline. We now have heads of states demonstrating a big political will to support these process.”

Dr Opuku Afari added, “There are two components thus the technical aspects and being able to work to harmonise our economy which is what we're working on at the moment. For example, the financial systems, supervision and even the convergence criteria which are countries are working to meet and among others.”

The currency is expected to boost intra African trade as well as ensuring inclusive financial growth for the West African zone.


Various payment systems by member countries will be captured in the implementation process in order to increase financial inclusion and drive intra African trade among member nations.

The SWIFT African regional conference was on the theme “enabling the digital economy.”
 


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