Dr. Addison casts doubt on new Eco adoption strategy
Governor of the Bank of Ghana, Dr. Ernest Addison, has suggested that the strategy for the adoption of the eco, as a common currency for the West Africa sub-region, could fall short again.
Dr. Addison speaking at last Friday’s Monetary Policy Committee’s press conference in Accra stated that adoption of the common currency must be started by at least countries in the region that trade significantly among themselves.
The leadership of the Economic Community of West Africa States (Ecowas) last month met in Abuja where one of the resolutions was for member-countries to adopt the common currency effective 2020.
But the governor of the Bank of Ghana told the media that the announcement made by Ecowas could face some setbacks that need to be addressed immediately. The announcement by the Ecowas top leadership, Dr. Addison explained. allows for any country that has met the convergence criteria to adopt the common currency.