President Nana Addo Dankwa Akufo-Addo has reiterated the call for the structural transformation of African economies which, he said, could no longer be postponed.
President Akufo-Addo said in that endeavour to transform the economies of African countries, a single currency for the West African sub-region was essential in strengthening the productive base of African economies and to encourage the production of goods and services within the sub-region.
He said the target date for the implementation of the Economic Commission of West African States (ECOWAS) Single Currency remained 2020 as decided at the meeting of the Task Force in Niamey in the Republic of Niger.
He noted that the Niamey Meeting called for a revision of the implementation Roadmap in order to accelerate the process.
President Akufo-Addo disclosed that the roadmap had been reviewed under the auspices of the ECOWAS Ministerial Committee and urged the Presidential Task Force and the Authority of the Heads of State and Government to give presidential assent to the revised roadmap.
He stressed the need to support the ECOWAS Commission with the required resources and called for the setting up of the ECOWAS Special Fund to support the activities of the Revised Single Currency Implementation Roadmap.
He also urged Governments and Member States to take all measures necessary to ensure that the micro-economic convergence was consistently met.
The Ghanaian President, who was addressing the opening ceremony of the 5th meeting of the Presidential Task Force on the ECOWAS Single Currency Programme in Accra, yesterday, also underscored the importance of security in the promotion of trade in the West African sub-region.
President Akufo-Addo, therefore, urged ECOWAS to also direct its efforts at maintaining regional peace and security, democracy and good governance as well as strengthening the ties of co-operation.
To that effect, he commended the systematic efforts of the Buhari administration to degrade and diminish the capability of Boko haram, adding that efforts of the Buhari administration should receive the unconditional backing of ECOWAS.
The Fifth Meeting of the Presidential Task Force on ECOWAS Single Currency Programme brought together Heads of States, Governors of Central Banks and the Finance and Foreign Ministers from the ECOWAS sub-region to deliberate on the implementation of the ECOWAS Single Currency programme by the year 2020.
Source: ISD (G.D. Zaney)