With the news of the regional adoption of the ECO currency by member countries of the Economic Community of West African States (ECOWAS), like Nigeria that has taken a cautionary approach on the subject, Ghana has followed suit, days after it supported the adoption of the ECO currency by eight countries in the West African region.
Fifteen African leaders of member countries at the 55th Ordinary Session that was held in July had come to an agreement to adopt the ECO as a single currency within the subregion.
The Bank of Ghana on Friday said, in a statement, that unresolved matters that affect the country's adoption of the currency would need some time to look into.
This caution came while the Bank of Ghana gave reasons why it was introducing higher Ghana cedi denominations, which has met with a few criticisms, with some describing it as an "ambush."
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The apex bank of Ghana said that it would work hand-in-hand with the ECOWAS to make sure that there the ECO is sustainable and viable.
It also said, “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 Bank of Ghana will be working with ECOWAS Central banks to ensure that any currency arrangement will be viable and sustainable.”
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