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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

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    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

    Côte d’Ivoire-Ghana Cocoa Initiative clarifies its stance on origin differentials for cocoa beans

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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ECOWAS postpones implementation date for ‘Eco’ again; moved to 2027

byBobbie Osei
June 22, 2021
in Economy, Government, News, Top Stories, West Africa
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After several postponements, West Africa’s 15-nation bloc- the Economic Community of West African States (ECOWAS), has once again postponed the implementation of its long-time dream of a single currency.

The bloc over the weekend announced 2027 as the new date to launch the “Eco.”

The Eco was first planned to be introduced in 2003 but was postponed several times– 2005, 2010, 2014 and 2020/2021.

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For decades, the bloc had hoped that the idea of a common currency would boost cross-border trade and economic development.

Addressing the media following the 59th Ordinary Session of ECOWAS Heads of States, President of the ECOWAS Commission, Jean-Claude Kassi Brou, attributed the postponement to the impact of the coronavirus pandemic on member countries.

“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021.”

“We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco,” he said.

The Eco is the proposed name for the common currency that the West African Monetary Zone plans to introduce.

After its introduction, the goal is to merge the new currency with the West African CFA franc at a later date.

ECOWAS not ready for ECO currency in 2020—Prof. Quartey

Economist Professor Peter Quartey had earlier said ECOWAS was not ready to implement the common currency initiative.

Although the Heads of State of ECOWAS countries have seen reason in issuing the single currency, most of the economies are yet to achieve the set criteria.

In an interview with Citi Business News, Professor Quartey argued that it is unrealistic for the currency to start circulation soon since more work needs to be done for member states to meet the criteria.

“I think if you look at the conditions that have been set for Eco, many of the countries have not consistently met the criteria; Ghana inclusive, inflation rate, budget deficit and the rest. So it is better to put our house in order rather than all of us rushing into a common currency or Eco where our fundamentals are not right, and then we will rather be having some kind of turbulence within the system,” he said.

Prof. Quartey underscored the need to consider the roadmap and the processes used by the EU before the Euro was introduced.

“We don’t want to do that. If we look at other countries, the EU is a typical example, you realize they got their fundamentals right”, he added.

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