RADP / Pulse Nigeria > BI > Strategy

Bank of Ghana Governor expresses doubt on new Eco adoption strategy

July 23, 2019 12:17 PM

Governor of the Bank of Ghana, Dr Ernest Addison, has revealed that the strategy for the adoption of the Eco, as a common currency for the West Africa sub-region, could fall short again.

Dr Ernest Addison, Bank of Ghana Governor

According to him the adoption of the common currency must be started by at least countries in the region that trade significantly among themselves.

Dr Addison made the revelation while speaking at the Monetary Policy Committee’s press conference in Accra on Friday, July 19, 2019.

The leadership of the Economic Community of West Africa States (Ecowas) last month met in Abuja where one of the resolutions was for member-countries to adopt the common currency, Eco effective 2020.

Their roadmap is to ensure that all member countries meet three primary criteria for the adoption of the currency.

The criteria for adoption included member countries having a budget deficit of not more than 3%; average annual inflation of less than 10% with a long-term goal of not more than 5% by 2019.

But the governor of the Bank of Ghana told the media that the announcement made by Ecowas could face some setbacks that need to be addressed immediately.

Berlinda Entsie Berlinda Entsie a reporter at Pulse.com.gh/bi/. She reports on all your business related issues and always ready to promote your business through amazing reportage.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng