Ghana’s Presidency has said the country would “soon” join eight West African countries who have adopted the ECO as legal tender.
They are Benin, Burkina Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.
A statement signed by Mr Eugene Arhin, Director of Communication at the Jubilee House, said: “The government of Ghana has taken notice of the recent declaration made on Saturday, 21 December 2019 by the President of the West African Economic and Monetary Union (UEMOA), His Excellency Allassane Ouattara, the President of the Republic of Cote d’Ivoire on the decision taken by the eight West African member states of UEMOA to discontinue the use of the CFA Franc, in favour of the proposed new common currency of ECOWAS, the ECO, beginning 2020”.
“This is a welcome decision, which Ghana warmly applauds,” the statement dated Saturday, 28 December 2019 said.
It added: “It is a good testimony to the importance that is being attached not only to the establishment of a monetary union, but also to the larger agenda of West African integration”, noting: “We, in Ghana, are determined to do whatever we can, to enable us to join the member stats of UEMOA, soon, in the use of the ECO, as, we believe, it will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of our people”.
Below is the statement from the Presidency