Ghana is keen to adopt new West African currency Eco which is replacing CFA used by Francophone countries in the region.
Eight members of the West African Monetary and Economic Union agreed to dump CFA for Eco on December 21.
“It will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of our people,” Ghanaian government said in a statement.
“This is a welcome decision, which Ghana warmly applauds. 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.”
Ivorian President Alassane Ouattara disclosed that apart from changing to Eco, members of the union would also stop “holding 50 percent of the reserves in the French Treasury.”
Ouattara also said there would be the “withdrawal of French governance” in any aspect related to the currency.
Ghana urges the other member states of ECOWAS to work rapidly towards implementing the decisions of ECOWAS authorities.
Some of the decisions include adopting a flexible exchange rate regime, instituting a federal system for the ECOWAS Central Bank, and other related agreed convergence criteria, to ensure the achievement of the single currency objectives of ECOWAS for all member states.
Nigeria, which dominates the economy of the ECOWAS region, however, said it “is studying the situation and would respond in due course.”