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West Africa Central Bank Governors commit to 2020 deadline for common currency

WEST AFRICA

The first Deputy Governor of the Bank of Ghana, Dr Maxwell Opoku Afari, said, West African monetary zone  Central Bank Governors, are committed to ensuring that the convergence criteria for member states before implementing the common currency is realized by the 2020 deadline.

He said,the partnership between the West African monetary zone and leaders of the member states has brought intense pressure on the technical committee to meet the 2020 deadline.

Speaking at the SWIFT African regional conference in Accra,on the theme “enabling the digital economy,” Dr Maxwell Opoku Afari disclosed that all obstruction are being worked on by member states and central bank governors to ensure that the 2020 deadline for implementing the common currency is not extended.

 “Achieving a common currency is not only technical but we need a strong political will and in fact, the political players are even putting pressure on the technical team to ensure that we meet the 2020 deadline. We now have heads of states demonstrating a big political will to support this process,” he said.

The Deputy Governor further said, “There are two components thus the technical aspects and being able to work to harmonize our economy which is what we’re working on at the moment. For example, the financial systems, supervision and even the convergence criteria which the countries are working to meet and among others.”

The currency is expected to boost intra African trade as well as ensuring inclusive financial growth for the West African zone.

Various payment systems by member countries will be captured in the implementation process in order to increase financial inclusion and drive intra African trade among member nations.  

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