• Latest
  • Trending
  • All
Plans still underway to implement ECO currency in West Africa – Alan Kyerematen

Plans still underway to implement ECO currency in West Africa – Alan Kyerematen

March 6, 2021
SPEECH BY HON. ALAN JOHN KWADWO KYEREMATEN PRESIDENTIAL CANDIDATE FOR THE DECEMBER 2024 GENERAL ELECTIONS AT MOVENPICK AMBASSADOR HOTEL, ACCRA ON MONDAY, 25TH SEPT. 2023

SPEECH BY HON. ALAN JOHN KWADWO KYEREMATEN PRESIDENTIAL CANDIDATE FOR THE DECEMBER 2024 GENERAL ELECTIONS AT MOVENPICK AMBASSADOR HOTEL, ACCRA ON MONDAY, 25TH SEPT. 2023

September 25, 2023
OPEN LETTER TO ALAN KYEREMATEN

OPEN LETTER TO ALAN KYEREMATEN

September 25, 2023

ALAN KYEREMATEN WITHDRAWS FROM NPP FLAGBEARERSHIP RACE

September 5, 2023

NPP calls off Saturday run-off

August 31, 2023

Flagbearer Election: 4th Nov. Is Going To Be ‘All Die Be Die’ – Alan’s Deputy Comms. Director Warns

August 31, 2023

NATIONAL COUNCIL OF THE NEW PATRIOTIC PARTY TO VOTE ON SATURDAY TO BREAK THE TIE IN THE SPECIAL ELECTORAL COLLEGE ELECTIONS

August 31, 2023

Team Alan can’t trust police, it’ll provide its own security on Nov. 4 – Solomon Owusu

August 31, 2023

Bawumia Bought his Victory in Super Delegates Elections – Amoako Baah Opines

August 31, 2023

I won’t tolerate attacks on my supporters – Alan

August 31, 2023

We’ve been taught the hard way, we’ll be ready for November 4 – Richard Nyamah

August 31, 2023

Party and Presidential Election Committee Leadership Should Annul the North East Results to Ensure the Sanctity of the Nov 4 Presidential Aspirants Elections

August 31, 2023

Alan decries violence in NPP internal elections; as he visits victim in hospital

August 29, 2023
  • Alan’s Profile
  • Endorsements
  • Documents
  • Gallery
Monday, October 2, 2023
  • Login
THE ALAN NEWS
  • Home
  • General News
    • NPP News
    • Alan TV
    • Pro Alan Groups
  • 1D1F News
  • Projects
    • Wear Ghana
  • Download App
No Result
View All Result
THE ALAN NEWS
No Result
View All Result
Home Alan News

Plans still underway to implement ECO currency in West Africa – Alan Kyerematen

by THE ALAN NEWS
March 6, 2021
in Alan News
0
Plans still underway to implement ECO currency in West Africa – Alan Kyerematen
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Minister-designate for Trade and Industry, Alan Kyerematen, says the common currency by West African states, ECO, still remains on the drawing board because of the inability of some of the member states to meet the common convergence criteria.

“We all agree that a common currency in ECOWAS will enhance trade between our countries. Unfortunately, we’ve not been able to move forward to achieve our objective because it is very difficult to be able to get all countries to achieve the convergence criteria at the same time,” he said before the Appointment Committee in Parliament last Friday.

He further indicated that plans are still underway to ensure the implementation of the currency for the West African community.

Mr. Kyerematen however explained that the current frustration is not an impediment to member states taking advantage of the African Continental Free Trade Area through an acceptable payment platform which will address multi-currency trading.


He stated that “I think that going forward, under the AfCFTA, there’s a new initiative called the payment settlement mechanism that allows every state party to be able to use their local currency to trade without the benefit of a common currency. So when this payment settlement mechanism fully activated, at least, temporarily, it’ll still facilitate trade as was intended by the common currency.”

The single currency programme is in line with the vision of ECOWAS to transform the sub-region into an economic and monetary union.

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

ECO was the proposed name for the common currency that the West African Monetary Zone planned to introduce in the framework of the Economic Community of West African States.

It was first planned to be introduced in 2003 but has suffered continuous delay due to the inability of the 15 ECOWAS countries to meet the 10 point convergence criteria they set for themselves.

These include an inflation rate of less than 5 percent, a budget deficit of not more than 3 percent of GDP and that each country has enough foreign reserves to cover at least three months of imports.

Though the Heads of State of ECOWAS countries have agreed to start issuing the currency, most of the economies are yet to achieve majority of the set criteria.

Source : citibusinessnews

Tags: Alan John KyerematenECO
Share196Tweet123Share49
THE ALAN NEWS

THE ALAN NEWS

  • Trending
  • Comments
  • Latest
Press Statement by Alan Kyerematen

Press Statement by Alan Kyerematen

August 28, 2023
PRESS CONFERENCE HELD ON MONDAY, AUGUST 21, 2023, BY THE  NEW PATRIOTIC PARTY PRESIDENTIAL ELECTIONS COMMITTEE  AT THE PARTY HEADQUARTERS, ASYLUM DOWN, ACCRA

PRESS CONFERENCE HELD ON MONDAY, AUGUST 21, 2023, BY THE NEW PATRIOTIC PARTY PRESIDENTIAL ELECTIONS COMMITTEE AT THE PARTY HEADQUARTERS, ASYLUM DOWN, ACCRA

August 21, 2023

Africa Leaders are Relying On Alan’s Vision For Change – Owusu Afriyie

August 25, 2023
Gallery

Addressing The Misconceptions About ‘Alan Cash’

28

Alan John Kyerematen

0
Trade Ministry calls for public recommendations on automation of state institutions

Alan’s Agenda Of Job Creation For All – 1D1F THE GAME CHANGER

0
SPEECH BY HON. ALAN JOHN KWADWO KYEREMATEN PRESIDENTIAL CANDIDATE FOR THE DECEMBER 2024 GENERAL ELECTIONS AT MOVENPICK AMBASSADOR HOTEL, ACCRA ON MONDAY, 25TH SEPT. 2023

SPEECH BY HON. ALAN JOHN KWADWO KYEREMATEN PRESIDENTIAL CANDIDATE FOR THE DECEMBER 2024 GENERAL ELECTIONS AT MOVENPICK AMBASSADOR HOTEL, ACCRA ON MONDAY, 25TH SEPT. 2023

September 25, 2023
OPEN LETTER TO ALAN KYEREMATEN

OPEN LETTER TO ALAN KYEREMATEN

September 25, 2023

ALAN KYEREMATEN WITHDRAWS FROM NPP FLAGBEARERSHIP RACE

September 5, 2023
THE ALAN NEWS

Copyright © 2022 The Alan News

Navigate Site

  • Alan’s Profile
  • Endorsements
  • Documents
  • Gallery

Follow Us

No Result
View All Result
  • Home
  • General News
    • NPP News
    • Alan TV
    • Pro Alan Groups
  • 1D1F News
  • Projects
    • Wear Ghana
  • Download App

Copyright © 2022 The Alan News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In