Ghana is set to join seven other West African countries who have committed to using the ECO common currency, days after spending huge monies to print new cedi notes.
The Bank of Ghana spent millions of cedis to print new super cedis notes – GHS¢100 and GHS¢200 – in November 2019.
However, the government in a statement copied UPSANEWSROOM.com said it would join the other West African nations in using the single ECO currency.
The government believes this move will strengthen the partnership among the nations and bolster commerce in the sub-region.
“[Government believes this will] remove trade and monetary barriers, reduce transaction costs, boost economic activity and raise the living standards of our people.”
“Ghana urges the other Member States of ECOWAS to work rapidly towards implementing the decisions of the Authorities of ECOWAS, including adopting a flexible exchange rate regime, instituting a federal system for the ECOWAS Central Bank, and other related agreed convergence criteria, to ensure that we achieve the single currency objectives of ECOWAS, as soon as possible, for all Member States.”