Accra tipped to host WAMZ Central Bank?

Accra, Dec. 17, GNA- Accra is tipped to host the West African Monetary Zone Central Bank, but the decision will be political and does not lie in the hands of the technocrats.

A random sampling of views of finance ministers, governors and technical advisors of the West African Monetary Zone meeting in Accra concluded to the Ghana News Agency that, "Ghana is very well placed to becoming the base for the central bank of the WAMZ group." The biggest opposition they indicated could come from Nigeria, the big brother in the region; but noted that she already hosts three regional bodies.

They indicated that today's Meeting of Convergence Council members might not be able to determine which capital hosts the Central bank. "It will be determined finally between President John Agyekum Kufuor and General Olusengun Obasanjo of Nigeria

Those interviewed were of the opinion that for Ghana to have hosted the West African Monetary Institute (WAMI) satisfactorily in the last three years, "it is just natural that the country is given the opportunity to host that institution.

"Ghana has been stable over the recent past and has built structures that are capable of hosting such as institution," a Sierra Leonean delegate said.

Some contended that Ghana should have the nod since she has met three of the four convergence criteria set by the WAMI. Nigeria has met only one this year.

Mr Yaw Osafo Maafo, Ghana's Minister of Finance and Economic Planning who assumed the Chairman of the Convergence Council today, said "the assumption that Ghana already has one institution is erroneous, since the WAMI is a transitional institution."

Mr Osafo Maafo said the practice has been that countries that hosted preliminary institutions went ahead to host the central banks. "This happened in Frankfurt, Brussels and other places." He said Ghana has shown consistency in moving from a zero-rating some two years ago to three presently.

"It would be most prudent to put the Central bank of the WAMZ in a country that has a solid and clean reputation as far as the convergence criteria is concerned instead of putting it in one which is unable to meet the set targets."

The Gambia, Nigeria, Sierra Leone and Guinea, last year met all the criteria but slipped out almost immediately. Other participants at the meetings suggested the having a Nigerian Director-General for the WAMZ Central Bank with a Ghanaian deputy.