{"id":777677,"date":"2020-01-07T11:58:54","date_gmt":"2020-01-07T11:58:54","guid":{"rendered":"https:\/\/ghana-mma.com\/2020\/01\/07\/ghana-okays-eco\/"},"modified":"2020-01-07T11:58:54","modified_gmt":"2020-01-07T11:58:54","slug":"ghana-okays-eco","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/01\/07\/ghana-okays-eco\/","title":{"rendered":"Ghana Okays ECO &#8211;"},"content":{"rendered":"<p><\/p>\n<div>\n<p><em><strong>President Akufo-Addo (right) in a handshake with President Alassane Ouattara of Cote d\u2019Ivoire<\/strong><\/em><\/p>\n<p>EIGHT WEST African countries have announced<br \/>\ntheir decision to discontinue the use of the CFA franc in favour of the<br \/>\nproposed new currency of ECOWAS, the ECO, beginning this year.<\/p>\n<p>The declaration was made by the President of<br \/>\nthe West African Economic and Monetary Union (UEMOA), Alassane Ouattara, who is<br \/>\nalso President of La Cote d\u2019Ivoire, after French President Nicholas Macron<br \/>\nvisited the country on December 21, 2019.<\/p>\n<p>The eight countries include Benin, Burkina Faso, Cote d\u2019Ivoire, Mali, Niger, Senegal,<br \/>\nTogo and Guinea Bissau, which is not a French colony. <\/p>\n<p>Mr. Macron made the announcement<br \/>\nand disclosed that France had decided to allow for a monetary facelift on the<br \/>\ncurrency of UEMOA, describing colonialism as \u2018a profound mistake\u2019.<\/p>\n<p><strong>Ghana\u2019s endorsement<\/strong><\/p>\n<p>A statement from the Communications Directorate<br \/>\nof Jubilee House, signed by Eugene Arhin, which hailed the move, noted, \u201cThis<br \/>\nis a welcome decision which Ghana warmly applauds. It is good testimony to the<br \/>\nimportance that is being attached not only to the establishment of a monetary<br \/>\nunion, but also to the larger agenda of West African integration.\u201d<\/p>\n<p>It continued, \u201cWe, in Ghana, are determined to<br \/>\ndo whatever we can to enable us join the member states of UEMOA soon, in the<br \/>\nuse of the ECO, as we believe it will help remove trade and monetary barriers,<br \/>\nreduce transaction costs, boost economic activity and raise the living<br \/>\nstandards of our people.\u201d<\/p>\n<p><strong>Appeal<\/strong><\/p>\n<p>\u201cGhana urges the other member states of ECOWAS<br \/>\nto work rapidly towards implementing the decisions of the authorities of<br \/>\nECOWAS, including adopting a flexible exchange rate regime, instituting a<br \/>\nfederal system for the ECOWAS Central Bank, and other related agreed<br \/>\nconvergence criteria, to ensure that we achieve the single currency objectives<br \/>\nof ECOWAS, as soon as possible, for all member states.\u201d<\/p>\n<p>Furthermore, it stated, \u201cWe have a historic<br \/>\nopportunity to create a new reality for the peoples of ECOWAS, a reality of<br \/>\ngeneral prosperity and progress. So let us seize it.\u201d <\/p>\n<p><strong>Petitions to<br \/>\nFrance<\/strong><\/p>\n<p>There have been several appeals to France,<br \/>\nwhich colonized the seven countries, to release its hold on the currency union<br \/>\nand pave the way for improved relations with its former colonies.<\/p>\n<p>Albeit details of the decision are yet to be<br \/>\nfirmed up, the eight countries will now not be required by France to keep half<br \/>\nof their reserves at its treasury, while also there will not be a French<br \/>\nrepresentative on the currency union\u2019s board. <\/p>\n<p>Mr Ouattara has hailed the development as<br \/>\nhistoric.<\/p>\n<p>The CFA franc, which has since 1999 been pegged<br \/>\nto the euro, was introduced in 1945, and has been used in two African monetary zones,<br \/>\nincluding the eight West African countries and some other six mostly<br \/>\npetro-states in central Africa.\u00a0<\/p>\n<p><strong>Nigeria\u2019s take<\/strong><\/p>\n<p>Meanwhile, Nigeria has noted that it has<br \/>\nreceived the news of the change of name of the UEMOA currency \u2013 Communaute<br \/>\nFinanciere d\u2019Afrique \u2013 to ECO, supposedly as the ECOWAS single currency.<\/p>\n<p>\u201cNigeria is studying the situation and would<br \/>\nrespond in due course,\u201d a press release from the Federal Ministry of Finance,<br \/>\nBudget and National Planning singed by Yunusa Tanko Abdullahi, special advisor,<br \/>\nMedia and Communication to the minister, stated.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Akufo-Addo (right) in a handshake with President Alassane Ouattara of Cote d\u2019Ivoire EIGHT WEST African countries have announced their decision to discontinue the use of the CFA franc in favour of the proposed new currency of ECOWAS, the ECO, beginning this year. The declaration was made by the President of the West African Economic [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":777678,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-777677","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana Okays ECO - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/01\/07\/ghana-okays-eco\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ghana Okays ECO - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"President Akufo-Addo (right) in a handshake with President Alassane Ouattara of Cote d\u2019Ivoire EIGHT WEST African countries have announced their decision to discontinue the use of the CFA franc in favour of the proposed new currency of ECOWAS, the ECO, beginning this year. 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