Ghana will soon be changing its currency as it joins the rest of West Africa to fast track moves to achieve a common currency by 2020.
This was after leaders of the Presidential Task Force on common currency for the West African Monetary Zone (WAMZ) converged on the capital of Niger with the agenda of quickening the process of achieving this goal.
The outcome of this crucial meeting resulted in a communique which “instructed the Ministerial committee to meet within three months to propose a new road map to accelerate the creation of the single currency by 2020.
In this framework, a gradual approach can be undertaken, where a few countries, which are ready, can start the monetary union, whilst the other countries join later.”
The fight for a single currency has lingered on since 2013 but a special summit appointed presidents of Ghana and Niger to handle the coming on board of this single currency in West Africa.
West Africa is adopting a single currency in the next 3 years as part of moves to achieve a strong and singular trade facilitation regime. It also forms part of efforts to present the whole of West Africa as an economic regional force in Africa and the rest of the world.