Bank of Ghana Governor expresses doubt over the introduction of ECO this year, here's why

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison has disclosed that the planned introduction of the Eco, the new currency for the ECOWAS sub-region, this year “may not” happen as projected.

Bank of Ghana Governor expresses doubt over the introduction of ECO this year, here's why

According to him, the pre-conditions necessary for introducing the currency are not place which makes it difficult to go ahead with implementation.

Dr Addison said this while interacting with journalists on Friday, January 31, 2020.

He described issues surrounding the Eco as one of the more complicated developments over the past few months.

Adding that there are still some unresolved issues in terms of reaching the final decision for the Eco issuance.

The Governor said first is the issue about Macro Economic convergence criteria, which is a pre-requisite, “and if you look at the data most of the countries do not meet this to enter into the common currency.”

He added that “we can also talk about other complications like exchange rate agreements, agreeing where should the headquarters be located.

Dr Addison further observed that there are other unanswered questions like “or agreeing whether you have a unitary or federal arraignment for the central bank.”

“Therefore, we think that we need to take out time and find solutions to these problems before the introduction of the single currency,” he concluded.

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