Some Ghanaians have described government’s announcement of being ready to accept the eco as a single currency for all countries in West Africa in 2020 as a waste of taxpayers’ money.
A controversial rapper and member of the ruling New Patriotic Party (NPP) Kwame Asare Obeng, popularly known as A Plus has waded into the issues lambasting the government over what he describes as a complete waste of public money after printing new cedi notes.
In response to news about government’s readiness to accept a single currency for all ECOWAS countries, Asare Obeng quizzed why the ruling NPP government introduced new currencies into the economy if they knew they would eventually drop it in favour of the eco.
“The government says by 2020, we will be using the eco currency. Eight (8) countries will be using that currency. You knew you would eventually agree to this but you went ahead to print 100 and 200 Ghana denominations of the cedi burdening the country’s economy” he told a local media in Accra on Tuesday.
Kofi Gyakye, a business reporter also contended that if the government accepts the single ECOWAS currency then it means the new banknotes printed about a month ago would go to waste and somebody should be held responsible for causing financial loss to the state.
Ama Clara Mensah, a petty trader also made similar complaints.
Others like Yaw Okyere Boahene a transport operator said may be government is not sure of accepting the single currency that was why it printed the new banknotes and that when it becomes necessary such notes could be withdrawn for the eco.
The government of Ghana in a press statement on Monday indicated that it has taken notice of the recent declaration made on Saturday, 21st December, 2019, by the West African Economic and Monetary Union (UEMOA), through Alassane Ouattara, the president of Cote d’Ivoire, on the decision taken by the eight West African member states of UEMOA to discontinue the use of the CFA franc, in favour of the proposed, new common currency the eco, beginning in 2020.
“This is a welcome decision, which Ghana warmly applauds. It is good testimony to the importance that is being attached not only to the establishment of a monetary union but also to the larger agenda of West African integration” it said.
The government in Accra said it is determined to do whatever possible to enable Ghana join UEMOA members in the use of the eco because it will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise living standards.
Ghana urges other member states of the regional grouping to work rapidly towards implementing the decisions of the Authorities of ECOWAS, including adopting a flexible exchange rate regime, instituting a federal system for the ECOWAS Central Bank, and other related agreed convergence criteria, to ensure that the single currency objectives are achieved.
DAP/as/APA