screwball Posted March 28, 2023 Report Share Posted March 28, 2023 U.S. MARKETS DECEMBER 29, 201911:09 AMUPDATED 3 YEARS AGO Ghana wants to join new West African currency but ditch euro peg By Reuters Staff 2 MIN READ FILE PHOTO: Ghana's President Nana Akufo-Addo addresses the Investing in African Mining Indaba conference in Cape Town, South Africa February 5, 2019. REUTERS/Mike Hutchings 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. Ghana’s adoption of the new currency, which is called the eco, would make it the bloc’s largest economy, ahead of neighbor Ivory Coast. Ghana is not part of the West African Economic and Monetary Union (UEMOA) of mostly former French colonies that uses the CFA franc and has its own currency, the cedi. Ivory Coast President Alassane Ouattara and French President Emmanuel Macron announced this month that West Africa’s monetary union had agreed to cut some financial links with Paris that have underpinned the region’s common currency since its creation soon after World War Two. Under the deal, African countries in the bloc will not have to keep half of their reserves in the French Treasury and a French representative will no longer sit on the currency union’s board. “We, in Ghana, are determined to do whatever we can to enable us (to) join the Member States of UEMOA, soon, in the use of the eco, as, we believe, it will help remove trade and monetary barriers,” President Nana Akufo-Addo’s office said in a statement. 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”. The countries due to change from the CFA franc to the eco are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo - all former French colonies except Guinea-Bissau. The group is aiming to have the new currency up and running by the end of 2020. Reporting by Ange Aboa; Writing by Aaron Ross; Editing by Nick Macfie and Alison Williams Our Standards: The Thomson Reuters Trust Principles. https://www.reuters.com/article/us-westafrica-economy-idUSKBN1YX0EH Quote Link to comment Share on other sites More sharing options...
By Reuters Staff 2 MIN READ FILE PHOTO: Ghana's President Nana Akufo-Addo addresses the Investing in African Mining Indaba conference in Cape Town, South Africa February 5, 2019. REUTERS/Mike Hutchings 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. Ghana’s adoption of the new currency, which is called the eco, would make it the bloc’s largest economy, ahead of neighbor Ivory Coast. Ghana is not part of the West African Economic and Monetary Union (UEMOA) of mostly former French colonies that uses the CFA franc and has its own currency, the cedi. Ivory Coast President Alassane Ouattara and French President Emmanuel Macron announced this month that West Africa’s monetary union had agreed to cut some financial links with Paris that have underpinned the region’s common currency since its creation soon after World War Two. Under the deal, African countries in the bloc will not have to keep half of their reserves in the French Treasury and a French representative will no longer sit on the currency union’s board. “We, in Ghana, are determined to do whatever we can to enable us (to) join the Member States of UEMOA, soon, in the use of the eco, as, we believe, it will help remove trade and monetary barriers,” President Nana Akufo-Addo’s office said in a statement. 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”. The countries due to change from the CFA franc to the eco are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo - all former French colonies except Guinea-Bissau. The group is aiming to have the new currency up and running by the end of 2020. Reporting by Ange Aboa; Writing by Aaron Ross; Editing by Nick Macfie and Alison Williams Our Standards: The Thomson Reuters Trust Principles. https://www.reuters.com/article/us-westafrica-economy-idUSKBN1YX0EH
screwball Posted March 28, 2023 Author Report Share Posted March 28, 2023 I would say that time is now or near about Quote Link to comment Share on other sites More sharing options...
screwball Posted March 28, 2023 Author Report Share Posted March 28, 2023 Ivory Coast President Alassane Ouattara and French President Emmanuel Macron announced this month that West Africa’s monetary union had agreed to cut some financial links with Paris that have underpinned the region’s common currency since its creation soon after World War Two. there you go, this has been in place since Brenton Woods.... Quote Link to comment Share on other sites More sharing options...
screwball Posted March 28, 2023 Author Report Share Posted March 28, 2023 paris accord? Quote Link to comment Share on other sites More sharing options...
screwball Posted March 28, 2023 Author Report Share Posted March 28, 2023 this is big picture stuff, here comes the Middle East Oil Alliance and the GCC 1 1 Quote Link to comment Share on other sites More sharing options...
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