President Akufo-Addo has stated that introducing a single currency for countries in the Economic Community of West African States (ECOWAS) will encourage trade activities amongst members of the regional bloc.
He said the plan, when eventually rolled out, will help reduce the exportation of raw materials outside West Africa and ensure value addition to basic export commodities.
He urged countries within the sub-region to make conscious efforts towards industrialization in order to take advantage of the viable economic prospects a single currency would present.
“The structural transformation of our economies can no longer be postponed if we are to meet the aspirations of our young people for jobs… The era of Africa’s industrialization has dawned so that we can also trade in the world economy, not on the basis of the export of raw materials but on the basis of things we make. Our quest for a single currency is not intended to boost trading of goods produced in third-party countries. It is meant to encourage the production of goods and services within the region,” Akufo-Addo said.
“It is thus incumbent on us to strengthen the production base of our economies and to improve agricultural productivity and industrial production… There is a viable market ready to absorb the goods which will be produced by our countries,” he added.
President Akufo-Addo called on leaders of West African countries and members of the taskforce to ensure that presidential assent is speedily given to the revised implementation framework to prevent further delays in the introduction of the single currency.
He also called for the processes involved in the setting up of a proposed special fund to finance activities of the roadmap to be hastened.
Nana Akufo-Addo further urged the representatives of various countries in the taskforce to ensure macroeconomic convergence within the shortest possible time since it is a prerequisite for the introduction of the currency.