Tuesday, January 07,  2020  /05:05AM  / By FDC / Header Image Credit: Africa News

Ghana'sPresident Nana AkufoAddo has indicated his country's determination to join aWest African currency dubbed the eco that will replace the Francebacked CFAfranc in eight regional countries.

"We,in Ghana, are determined to do whatever we can to enable us join the MemberStates of UEMOA, soon, in the use of the eco, as, we believe, it will helpremove trade and monetary barriers," the president said in a statement.

However,the statement indicated that Ghana opposed plans to keep the eco pegged to theeuro, urging regional authorities to work quickly toward "adopting a flexibleexchange rate regime". Ghana's adoption of the new currency would make it thebloc's largest economy, ahead of neighbour Ivory Coast.

Ghanais not part of the West African Economic and Monetary Union (UEMOA) of mostlyformer French colonies that uses the CFA franc and has its own currency, thecedi.

IvoryCoast President Alassane Ouattara and French President Emmanuel Macronannounced in early December that West Africa's monetary union had agreed to cutsome financial links with Paris that have underpinned the region's commoncurrency since its creation soon after World War 2.

Underthe deal, African countries in the bloc will not have to keep 50% of theirreserves in the French Treasury and a French representative will no longer siton the currency union's board.

Thecountries 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 Frenchcolonies except GuineaBissau.

Thegroup is aiming to have the new currency up and running by the end of 2020.

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