Ghana commits to West African regional bloc common currency agenda

Xinhua
16 Sep 2023, 09:19 GMT+10

ACCRA, Sept. 15 (Xinhua) -- Ghana is committed to launching Eco, the common currency proposed by the Economic Community of West African States (ECOWAS), by 2027, said Ghanaian Vice President Mahamudu Bawumia on Friday.

With 2027 approaching, ECOWAS member states need to recommit to the vision of a common currency and subregional reserve bank, which would ensure more rapid development in the subregion, said the vice president.

"We, in Ghana, are committed to restoring macroeconomic stability that forms the basis of sustainable economic growth and development," he said.

Bawumia made the pledge during the 50th Meeting of the Convergence Council of Ministers and Governors of Central Banks of Member States of the West African Monetary Zone held in Accra, the capital of Ghana, saying the country will meet the convergence criteria on schedule.

In June 2021, the leaders of ECOWAS extended the deadline for the subregional common currency to 2027, requiring all member states to comply with the convergence criteria by 2026.

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