‘Eco’ set to be launched in 2015

Governors of Central Banks of the Economic Community of West African States (ECOWAS) are keeping the January 1, 2015 date for the launch of a common currency in the region.

Though most countries are yet to meet conditions set for the monetary union, member states believe a common currency could make the West African region financially competitive.

In his welcome address at the 29^th Meeting of the Committee of Governors of Central Banks of ECOWAS, Dr Henry Wampah, the Governor of the Bank of Ghana, urged members to work tirelessly towards the achievement of that goal.

“As Governors are aware, the West African Monetary Zone members had set 1^st January, 2015 for the launch of the common currency,” Dr Wampah noted.

“I will therefore urge those of us in the WAMZ to continue to work tirelessly towards this important milestone.”

He recalled an agreement by member states in 2000 in Dakar, Senegal that macroeconomic stability should precede monetary union with further conditions set for the various stages in introducing the common currency, Eco.

“Today, the same conditions that prompted these decisions exist, providing us with even more compelling grounds to work harder at convergence,” Dr Wampah pointed out.

“It is our responsibility to give meaning to these in order to help transform the ECOWAS region into a viable and productive economic and financial space that is truly competitive and able to withstand pressures in a fiercely competitive global economic system.”

Source: tv3network.com|Ghana