Accra, Oct.20, GNA - Economic Community of West African Countries (ECOWAS) Chairman, President John Agyekum Kufuor on Monday, appealed to governments within the West African Monetary Zone (WAMZ) to communicate the road map towards a single currency to the people to bring the various constituencies on board.
He said: "As Finance Ministers manage the technicalities to achieve a single currency, governments should find means to communicate the road map to the people to bring the various constituencies on board". President Kufuor made the appeal when delegates attending the second Finance Ministers Forum of WAMZ in Accra paid a courtesy call on him at the Castle, Osu.
The Forum examined progress made by member countries of the second monetary zone towards the attainment of the conditions set out in the convergence criteria for the establishment of the zone in July 2005. The criteria included a reduction in government's deficit financing of the budget to 10 per cent, foreign exchange reserves equivalent to three months of imports and single digit inflation.
Sierra Leone, Gambia, Nigeria, Guinea and Ghana attended the conference. The only country absent was Liberia.
President Kufuor said governments in their endeavour to attain the convergent criteria would be mindful of the political conditions in their countries in the management of the technicalities towards the convergent criteria.
He expressed appreciation to the member countries for making headway although most of them were facing difficulties in managing their economies and cited the conflicts in Liberia.
President Kufuor said because the single currency was a pre-requisite to open up their markets, there was the need to make sacrifices to share the common vision and make a mark in their achievements.
Mr Yaw Osafo Maafo, Minister of Finance and Economic Planning, said with the constant improvement in the management of their economies the convergent criteria would be achieved by July 2005.
He said the delegates agreed to sustain the achievements made and to improve upon them with the support of their governments.
Accra, Oct.20, GNA - Economic Community of West African Countries (ECOWAS) Chairman, President John Agyekum Kufuor on Monday, appealed to governments within the West African Monetary Zone (WAMZ) to communicate the road map towards a single currency to the people to bring the various constituencies on board.
He said: "As Finance Ministers manage the technicalities to achieve a single currency, governments should find means to communicate the road map to the people to bring the various constituencies on board". President Kufuor made the appeal when delegates attending the second Finance Ministers Forum of WAMZ in Accra paid a courtesy call on him at the Castle, Osu.
The Forum examined progress made by member countries of the second monetary zone towards the attainment of the conditions set out in the convergence criteria for the establishment of the zone in July 2005. The criteria included a reduction in government's deficit financing of the budget to 10 per cent, foreign exchange reserves equivalent to three months of imports and single digit inflation.
Sierra Leone, Gambia, Nigeria, Guinea and Ghana attended the conference. The only country absent was Liberia.
President Kufuor said governments in their endeavour to attain the convergent criteria would be mindful of the political conditions in their countries in the management of the technicalities towards the convergent criteria.
He expressed appreciation to the member countries for making headway although most of them were facing difficulties in managing their economies and cited the conflicts in Liberia.
President Kufuor said because the single currency was a pre-requisite to open up their markets, there was the need to make sacrifices to share the common vision and make a mark in their achievements.
Mr Yaw Osafo Maafo, Minister of Finance and Economic Planning, said with the constant improvement in the management of their economies the convergent criteria would be achieved by July 2005.
He said the delegates agreed to sustain the achievements made and to improve upon them with the support of their governments.
