ACCRA, Aug 10 -
The governor of Ghana's central bank said on Tuesday that other countries in West Africa should follow Ghana's economic policies, which would spur growth and integration as well as pave the way for a single currency.
Kwabena Duffuor, governor of the Bank of Ghana, told a seminar that through the implementation of sound policies, ``Ghana's monetary growth and inflationary pressures have declined considerably, culminating in an end-of-year inflation rate of 15.7 percent in 1998.''
``By the end of June this year, the rate of inflation had dropped further to 10.3 percent, compared with a target of 9 percent which we have set for the end of 1999,'' he added.
``These efforts demonstrate the commitment of Ghana not only to meet our national targets but also to conform to targets set for the achievement of regional objectives,'' Duffuor said.
Other countries should follow suit, he said, adding: ``This would lead to an accelerated introduction of a single currency in the region.''
He was speaking at a two-day seminar on the outlook for a single monetary zone in West Africa organised by the West Africa Monetary Agency (WAMA).
The 16-nation Economic Community of West African States (ECOWAS), which has a population of about 210 million people, has a single currency among its objectives, but analysts say it is not a realistic possibility in the short or medium term.
Eight countries in Francophone West Africa have a long-standing single currency, the CFA franc, and Ghana has been mentioned as a possible future member of their monetary union.
Duffuor urged ECOWAS member countries to spread the idea of a single currency among their populations. He insisted that it would not just be a boon to banking and trade, but to employment and money transfers around the region by individuals.
The director general of WAMA, Antoine Ndiaye, appealed to member countries to ensure the implementation of the use of Ecowas Travellers Cheque, introduced in July, which he described as a ``solid foundation towards the single monetary zone.''
