By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Starr FmStarr FmStarr Fm
  • Home
  • Election Hub
  • General
    GeneralShow More
    Restoring Bawku statue a strategic step toward peace – Security Analyst
    July 22, 2025
    Upper Manya Krobo: DCE locks up Assembly staff over GH¢67,900 missing funds
    July 22, 2025
    Ewurabena Aubynn officially sworn in as Ablekuma North MP despite minority walkout
    July 22, 2025
    Supreme Court reverses 5 year-old bench warrant against Kevin Taylor in 4-1 majority decision
    July 22, 2025
    Zuarungu SHS clash: Ghana’s educational policies need reform – Upper East Minister
    July 22, 2025
  • Business
    BusinessShow More
    Government to announce bold measures in 2025 Mid-Year budget review on July 24
    July 22, 2025
    2025 Mid-Year Budget must prioritise SMEs and economic resilience – Dr. Philip Takyi
    July 22, 2025
    Veep calls for strong regional collaboration against illicit financial flows
    July 21, 2025
    Dr. Johnson Asiama speaking at the Graphic Business/Stanbic Bank Breakfast Meeting on forex and economic growth
    The Cedi will hold – BoG Governor assures stability
    July 18, 2025
    BoG vows to safeguard economic gains while supporting recovery
    July 18, 2025
  • Politics
    PoliticsShow More
    Parliament passes MahamaCares Bill
    July 22, 2025
    Patricia Appiagyei replaces Afenyo-Markin in Ghana’s ECOWAS delegation
    July 22, 2025
    Delegates unhappy with Bawumia’s special treatment – Kwasi Kwarteng
    July 22, 2025
    ‘You’re now the hope of Ablekuma North’ – Bagbin to Aubynn as youngest MP
    July 22, 2025
    Superdelegate elections hurt NPP in 2023 – Kwasi Kwarteng
    July 22, 2025
  • Entertainment
    EntertainmentShow More
    The Weeknd & Shakira to headline 2025 Global Citizen Festival with Tyla, Ayra Starr & Mariah The Scientist
    July 22, 2025
    ACP partners MiPrime Entertainment to Champion Investment in Ghana’s Creative Industry
    July 21, 2025
    I want music to be my legacy, not fame – Rocky Dawuni
    July 18, 2025
    The sense to minister with music came early – Rocky Dawuni
    July 18, 2025
    “You can’t be a Black man and worship a white God” – Rocky Dawuni
    July 18, 2025
  • Sports
    SportsShow More
    Ghana and Serbia forge strategic sports partnership with landmark MoU
    July 22, 2025
    Ghana to host historic Rugby League Tri-Nation Series this November
    July 21, 2025
    Ghana’s para-athletes set off for South Africa ahead of 2026 Commonwealth Games
    July 18, 2025
    University of Ghana stadium to host WAFU B U-20 finals
    July 17, 2025
    “I’m done with Galamsey”: Kumasi miner quits after winning GH¢2 million on betPawa Aviator
    July 17, 2025
  • Technology
    TechnologyShow More
    Samsung Ghana unveils 2025 TV line-up
    July 22, 2025
    Osman Ayariga speaking on youth empowerment and AI at World Youth Skills Day event
    “Youth should not see AI as competition, but as a digital tool” – Osman Ayariga
    July 17, 2025
    Samsung Introduces Future-Ready Mobile Security for Personalized AI Experiences
    July 16, 2025
    Samsung Electronics acquires Xealth, bridging the gap between wellness and medical care
    July 16, 2025
    Samsung Galaxy Z Flip7: A pocket-sized AI powerhouse with a new edge-to-edge flexwindow
    July 10, 2025
  • International
    InternationalShow More
    Education Minister Haruna Iddrisu signs MoUs with GEICO and CMS Group for new public universities
    Education Minister signs MoUs with GEICO, CMS Group to establish two public universities
    July 15, 2025
    Presidency terminates Zoomlion’s contract over concerns of impropriety and inflated billing
    Mahama pushes AU–CARICOM partnership to strengthen global reparations push
    July 14, 2025
    47th AU Forum: Ablakwa criticizes $1.2m AfCFTA allocation as ‘highly insufficient’
    July 10, 2025
    Minority demands audit over $1.2m passport relaunch cost and delays
    July 9, 2025
    Minority demands compensation for citizens stranded by US embassy closure
    July 9, 2025
  • Factometer
Search
© 2024 EIB Network Ltd. All Rights Reserved.
Reading: ECOWAS must achieve Single Currency by 2020 – Akufo-Addo
Share
Notification Show More
Font ResizerAa
Starr FmStarr Fm
Font ResizerAa
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Search
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Have an existing account? Sign In
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
BusinessHeadlinesInternational

ECOWAS must achieve Single Currency by 2020 – Akufo-Addo

Starrfm.com.gh By Starrfm.com.gh Published February 21, 2018
Share
SHARE

The implementation of the Single Currency for the Economic Community of West African States (ECOWAS) targeted for the year 2020 must be met without fail, President Nana Addo Dankwa Akufo-Addo has said.

Delivering his welcome address at the 5th meeting of the Presidential Task Force on the ECOWAS Single Currency Programme held at the Accra International Conference Centre, President Akufo Addo said “The structure of economies bequeathed to West Africa by the colonists was aimed at servicing the colonial masters, essentially, raw material producing and exporting economies.”

He added that “the quest for an ECOWAS Single Currency is not intended to boost the trading of goods produced in third party countries, it is meant to encourage the production of goods and services within the West African region.”

These observations the President said are the reasons why the targeted timeline of 2020 for the single currency realization ought to be attained.

According to Mr. Akufo-Addo, the structural transformation of West African economies cannot be postponed if the region is to meet the aspirations of its young people for jobs.

The President added that “it is incumbent on West African leaders to strengthen the production base of their economies, improve agricultural productivity and industrial production.”

Over the next two years before the deadline of the implementation of the ECOWAS Single Currency, West African leaders ought to give the roadmap all the attention it deserves in order for the region to introduce the proposed single currency.

ECOWAS and the Single Currency

ECOWAS, a regional institution, comprises of fifteen nations. It emerged on May 28th, 1975, in Lagos Nigeria.

One of the reasons behind the establishment was to ensure the existence of a single currency in the region. The desire to integrate the region into one economic bloc that will lead to the circulation of a single currency has been on the agenda of various regional Head of States conferences, but it was discovered that colonial loyalties and the long existing monetary cooperation of Francophone nations with France was a strong impediment towards the proposal of such a target.

Also, member states have not been able to meet the set of convergence criteria which led to delays and the shifting of dates in establishing a common currency.

In addition, there is the lack of political will and fear of domination among ECOWAS member states. To solve this problem, it was agreed in April 2000 in Accra, Ghana, that a two-fast-track approach strategy be adopted for the realization of a single currency.

For the first track, the West African Economic and Monetary Union (WAEMU) was to form a second monetary union called the West African Monetary Zone (WAMZ) by July 2005, which comprises mainly of Anglophone nations.

The second track is the subsequent merging of WAEMU and WAMZ to form a single currency union in the region.

 

Source: Ghana/Starrfmonline.com/103.5FM/Wilberforce Asare

You Might Also Like

Parliament passes MahamaCares Bill

Patricia Appiagyei replaces Afenyo-Markin in Ghana’s ECOWAS delegation

Delegates unhappy with Bawumia’s special treatment – Kwasi Kwarteng

Restoring Bawku statue a strategic step toward peace – Security Analyst

‘You’re now the hope of Ablekuma North’ – Bagbin to Aubynn as youngest MP

TAGGED:ecowas
Share This Article
Facebook Twitter Email Print
Share
Previous Article Restrict religious, cultural rights to curb doom prophesies – Lawyer
Next Article PODCAST: Morning Starr—February 21, 2018

Starr 103.5FM

Starr FmStarr Fm
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
newsletter icon
Join Us!

Subscribe to our newsletter and never miss our latest in news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?