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Ghana says it will proceed with caution before adopting the single currency proposed by the Economic Community of West African States (ECOWAS) — days after endorsing the adoption of Eco by eight countries in the subregion.
At its 55th ordinary session in July, the heads of the 15-member countries had agreed to launch ECO, its proposed single currency, in 2020.
The community also agreed that a flexible currency regime will be adopted. But in a statement on Friday, the Bank of Ghana said there are several unresolved issues regarding the common currency which requires time to settle.
The apex bank said this while justifying its introduction of new higher Ghana cedi denomination banknotes, which have been described in some quarters as an “ambush”.
It said the Ghanaian government would work with ECOWAS to ensure a sustainable and viable currency.
“Furthermore it has been alleged that the expenditure is a waste in the context of a new Eco currency in 2020. The Bank of Ghana would want to clarify that although the Government of Ghana is committed to do all it can to join the West African common currency arrangement, there are many unresolved issues regarding the common currency, which would take time to resolve,” the statement read.
