President Nana Addo Dankwa Akufo-Addo of Ghana has beseech fellow members of the Economic Community of West African States (ECOWAS) to reestablish their dedication towards the achievement of a solitary cash for the sub- region by the year 2020.
This will quicken the motivation for the more noteworthy coordination of West Africa, raise the expectations for everyday comforts of the general population, help financial exercises and place the sub-area on a level with the global world, he said here Wednesday in his opening address to the 5th Meeting of the Presidential Task Force on the ECOWAS Single Currency.
This week’s meeting, coming four months after the last one in Niamey, Niger, on Oct 24, 2017, was held to review the progress made by the Task Force, which is co-chaired by President Akufo-Addo and President Issoufou Mamadou of Niger, on the roadmap to attaining the single currency for the sub-region by 2020.
President Akufo-Addo told the meeting that although the decision to adopt the single currency had suffered setbacks since it was mooted some 20 years ago, there was positive indication that the vision would be realised.
“We have had challenges along the way towards the attainment of the convergence criteria required for the single currency to come to into effect. We have also chalked some significant successes to this end. Nonetheless, we remain determined to have a single currency,” he stressed.
President Akufo-Addo also urged ECOWAS member States to commit to the ratification and implementation of the relevant ECOWAS Protocols on the free movement of persons, goods and Services, the ECOWAS Trade Liberalisation Scheme and the Common External Tariffs, to ensure a faster realisation of a single regional currency.
He stressed that trade in the region cannot thrive when there was insecurity, urging his colleague regional leaders to target efforts at marinating regional peace and security, democracy and good governance, as well as strengthening the ties of cooperation among the countries in the region.
President Akufo-Addo told the gathering that the attainment of a single currency for West Africa was not intended to boost trading of goods produced in third party countries but to encourage the production of goods and services within the sub-region.