Second West African monetary zone to take off

Wa, July 24, GNA, - The second monetary zone for the West African sub-region comprising mainly of the five English speaking countries, takes off in July 2005, the deadline for its implementation, Dr Kofi Konadu Apraku, Minister of Regional Cooperation and New Partnership for Africa's Development (NEPAD) announced at Wa on Thursday.

He however, did not say whether the five countries, Ghana, Nigeria, the Gambia, Sierra Leone and Liberia would be able to achieve the convergent criteria needed to be achieved for its implementation by the deadline.

The Minister made this known in an answer to a question after formally launching the Upper West Regional launch of the NEPAD's educational sensitization and creation of ownership programme at Wa. Dr Apraku said, "the regional launch is to enable the region to identify the quickest areas we can make an impact through integration, add that we want to inspire you to believe in integration for the benefit our economic growth."

The Minister however, noted with disappointment that under ECOWAS, the countries had signed many protocols, without the commitment to implementation.

Consequently, Ghana has decided on a bilateral approach and has already started negotiations with Burkina Faso on a range of issues, pointing out that bilateral approach holds the key to sub-region under NEPAD.

Dr Apraku said under the business round table due to take place before the year ends, successful business people from the region would meet in Accra to add their input on the way forward for successful implementation of NEPAD in the sub-region.

The Minister disclosed that the African Development Bank has been designated the prime financiers of projects under NEPAD Scandinavian countries he said have also provided grants for study into how the rail systems of the countries could also be linked up.

He added that a NEPAD trust fund is also to be launched to sound funding to finance its projects.