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|Ghana Wants To Join New West African Currency But Ditch Euro Peg by Blue3k2: 4:54pm On Dec 30, 2019|
ABIDJAN (Reuters) - Ghana's government said it is determined to join a West African currency that will replace the France-backed CFA franc as soon as next year in eight regional countries, but it urged members of the currency union to ditch a planned peg to the euro.
|Re: Ghana Wants To Join New West African Currency But Ditch Euro Peg by Blue3k2: 4:55pm On Dec 30, 2019|
Why not take leadership positions and have them join you? The fact they changed currency name doesn't matter. If the called the currency zeni or beri what changes? None of the Ecowas member states met the criteria for currency union except Togo. It's been nearly two decades some country has to lead the charge instead just talking.
History of ECO and membership criteria:
On April 20, 2000, in Accra, Ghana, the leaders of six West African countries declared their intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS countries in 2004.
The meeting was attended by three heads of state, Presidents Olusegun Obasanjo of Nigeria, Jerry Rawlings of Ghana, and Lansana Conté of Guinea, as well as representatives from Liberia, Sierra Leone, and The Gambia. Cape Verde, the remaining non-CFA ECOWAS member, has a currency peg to the euro with the support of Portugal, and was not a signatory of the "Accra Declaration on a Second Monetary Zone."
The four primary criteria to be achieved by each member country are: a single-digit inflation rate at the end of each year; a fiscal deficit of no more than four per cent of the Gross Domestic Product (GDP); a central bank deficit-financing of no more than 10 per cent of the previous year's tax revenue, and gross external reserves that can give import cover for a minimum of three months.
|Re: Ghana Wants To Join New West African Currency But Ditch Euro Peg by TechTanic(f): 5:00pm On Dec 30, 2019|
|Re: Ghana Wants To Join New West African Currency But Ditch Euro Peg by tsdarkside(m): 5:02pm On Dec 30, 2019|
i knew ghana would do something like that....
ghanaians are not happy with africa atall....
i wouldnt be either....
ghanaians are proud people....
you cant play pan africana with them anyhow....
|Re: Ghana Wants To Join New West African Currency But Ditch Euro Peg by GuyWise101: 5:13pm On Dec 30, 2019|
|Re: Ghana Wants To Join New West African Currency But Ditch Euro Peg by idid: 5:44pm On Dec 30, 2019|
What kind of patriotic sense is this?
It is simple economics sir nothing too smart in such decision, it would be foolish to join any nonsense euro pegged against any European currency..
|Re: Ghana Wants To Join New West African Currency But Ditch Euro Peg by Blue3k2: 6:04pm On Dec 30, 2019|
However, the statement indicated that Ghana opposed plans to keep the eco pegged to the euro, urging regional authorities to work quickly toward "adopting a flexible exchange rate regime".
I like this idea better so the future central bank doesn't have to worry about having large reserves. They wont waste time trying to keep the currency artificially more valuable.
PS: where's the ECO central bank going to located?
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