Friday, December 22, 2006

West Africa: Ghana to Change Currency, As West African Single Currency Begins Dec 2009

 In line with the desire of the ECOWAS to ensure a single currency for the sub- region, the government of Ghana has commenced move to change its currency under the west Africa monetary zone convergence programme. This is coming on the heel of the West African single currency tagged "ECO," which will finally take off in December, 2009. To this end, the governor of the Bank of Ghana, Dr. Paul Acquah, had appeared before the Parliament to explain the need to change the face-value of their country's currency. According to SundayVanguard'sfindings, this would be done by re-denomination of the Cedi to give it a stronger value, Dr. Acquah said, as he informed the Ghanaian Parliament, that the efficiency gains from the re-denomination exercise would enable Ghana to join the "ECO" as a strong partner. His words: "the West Africa single currency, which comes under the West Africa Monetary Zone (WAMZ) convergence, would start in December 2009, and it is important for each member country to raise the value of its currency, hence, the need for the government of Ghana to re-denominate the cedi." Western Union Moreso, Dr. Acquah added that "During the intervening period and until the "ECO" is issued into circulation, it is important and necessary for each member country to take any step necessary to raise its economic performance. Efficiency gains from this re-denomination exercise will enable Ghana to join as a stronger partner." According to him, the re-denomination of the currency is consistent with the spirit of reforms envisage under the WAMZ convergence programme, and he told the House that December 2009 was the target date "for locking into a single currency" The governor of the Bank of Ghana told the Parliament that they would be required to ratify the statutes of WAMZ and its institutions soon, noting that "This is one of the obligations Ghana has to fulfill alongside other convergence criteria." During the Parliamentary session monitored by our correspondent who attended the Capacity Building/Study Tour on Media Appreciation of Labour Market Institutions in West Africa," organized by the Ghana Trade Union Congress (GTUC) in Accra, Ghana, Dr. Acquah gave other vital reasons why it is very imperative to re-denominate the cedi.

Source: allAfrica.com: West Africa: Ghana to Change Currency, As West African Single Currency Begins Dec 2009 (Page 1 of 1)