President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng has cautioned against likely depreciation of the proposed common currency, the ECO considering the economic size of some countries.
His call comes at a time that Ghana is getting ready to join French-speaking West Africa to use the ECO which has been pegged to the EURO.
Considering the current trade volumes among member states and issues bordering on the closure of the Nigeria-Benin Border, Dr Joseph Obeng fears the use of a common currency in West Africa could suffer, leading to depreciation.
“There should be a caution here. If we have to adopt a single currency then we have to get an effective monitory system in place. If you look at Nigeria which has a GDP larger of the entire Sub-Region, if we do not take are, if Nigeria takes a unilateral action like it recently did with the closure of its border, it will affect the bulk of the entire sub-regional currency,” he told JoyBusiness.
The government says it will soon join eight West African Countries which have committed to using a common currency, the ECO, from the year 2020.
The government has commended the decision by eight West African Countries which have committed to using a common currency, the ECO, from the year 2020.
President’s Director of Communication, Eugene Arhin, said the decision will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of countries involved.
On December 21, 2019, the President of the West African Economic and Monetary Union (UEMOA), Alassane Ouattara, at a news conference with French President, Emmanuel Macron, in Ivory Coast made a declaration on the decision taken by eight (8) West African Member States of UEMOA to discontinue the use of the Financial Community of Africa (CFA) franc currency.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Ensure debt sustainability framework remains fit-for-purpose to prevent unsustainable debt – Governor to IMF
16 minutes -
Bawumia donates GH¢3m to NPP for welfare support
24 minutes -
Accra High Court strikes out motion against anti-galamsey protest
40 minutes -
Ghana Armed Forces denies attack on Army Chief in Bawku
1 hour -
CDD-Ghana launches International Desk to tackle global threats to African democracy
1 hour -
We remain committed to paying remunerative cocoa price despite challenges – COCOBOD
1 hour -
Minority health committee demands immediate restoration of services at Tamale Teaching Hospital
2 hours -
Parliament pays tribute to former Clerk, Mr. Samuel Ntim Darkwa, as final funeral rites are announced
2 hours -
Enimil Ashon: Why hide the Mike Ocquaye report?
2 hours -
Appolonia City begins work on Oyibi to Appolonia road to improve accessibility for surrounding communities
2 hours -
Madam Gladys Agyekum
2 hours -
Look beyond the money, we are providing essential services – Jospong Group to critics
3 hours -
Finance Minister outlines measures to tackle Ghana’s large payable build-up in 2024
3 hours -
Vatican Succession: Could an African Pope lead a Global Church?
3 hours -
Political parties rally nationwide protest over Chief Justice suspension on May 5
4 hours