Tag: Eco
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ECO currency challenges: Technical committee attributes delays to external shocks, others
The West African Monetary Agency has acknowledged the challenges posed by global macroeconomic shocks and the inability of member states to fully meet the criteria for the complete rollout of the ECO as the single currency in the West African sub-region by 2027. In response, the technical committee has been tasked with reassessing the roadmap…
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ECOWAS needs payment, settlement system as ECO adoption delays – Akufo-Addo
Chairman of the Economic Community of West African States (ECOWAS) President Nana Akufo-Addo has called for the rapid establishment of a payment and settlement system for the ECOWAS region. He made the call during the opening ceremony of the 58th Ordinary Session of the ECOWAS Authority of Heads of State and Government, which was held…
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No need to rush ECO’s issuance; more engagements needed – Economist
Economist, Prof. Peter Quartey, says a further delay in the implementation of the ECO currency is prudent to allow for better and broader consultations among all stakeholders. His comment follows the assertion by the Governor of the Bank of Ghana; Dr. Ernest Addison, that the introduction of the currency may not happen this year due…
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Renaming CFA as Eco was a unilateral decision — ECOWAS’ Finance Ministers, central bank governors declare
The Finance and Economy Ministers, as well as Governors of central banks in West Africa, have denounced the recent decision by the Ivorian President, Alassane Ouattara, to rename the CFA franc as the ECO — the name of the single currency planned for the sub-region. A communique issued after an extraordinary meeting of the group…
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Dr. Addison casts doubt on new Eco common currency adoption strategy
Governor of the Bank of Ghana, Dr. Ernest Addison, has suggested that the strategy for the adoption of the eco, as a common currency for the West Africa sub-region, could fall short again. Dr. Addison speaking at last Friday’s Monetary Policy Committee’s press conference in Accra stated that adoption of the common currency must be…
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ECOWAS not ready for ECO currency in 2020—Prof. Quartey
Economist Professor Peter Quartey is of the view that ECOWAS is not ready for the common currency, ECO, which is scheduled to start circulating next year. Prior to the commencement of the circulation of the currency, ECOWAS member states are expected to meet common criteria comprising primary and secondary ones. Though the Heads of State…
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Ensure 3-yrs economic stability before adopting Eco — Prof. Quartey
Ghana and other West African countries taking steps to adopt the bloc’s single currency must ensure that they have, at least, met three of the primary convergence criteria successively for three years before making that decision or else it will be disastrous, professor of economics at the University of Ghana, Prof. Peter Quartey has said.…
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January 2020 roll out date for Eco ‘tentative’ – Peter Quartey
The announcement by the Heads of State of ECOWAS on the adoption of a common currency, the ECO, is rather a declaration of intent than action. That is the position of the Director of the Economics Division at the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey. He has therefore urged the…
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ECOWAS adopts Eco as single currency for sub-region
Beginning in January 2020, countries within the West African sub-region will be able to use a single currency called ECO. The currency was adopted by the Authority of ECOWAS Heads of State and Government on Saturday in Nigeria’s capital Abuja. The West African leaders endorsed the currency at their 55th Ordinary Session and approved a…
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Mixed expectations meet new date for Eco (Audio)
There are mixed expectations over Ghana’s ability to meet the new implementation date for the West African common currency, the Eco. The country is racing against time to meet the 2020 timeline. The dream for a single currency has continuously failed to materialize as the deadline for implementation has been postponed several times to 2020.…