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Single currency a must,
WAMZ members
told
Accra, July 9, Ghanadot/GNA- The Convergence Council of the
West African Monetary Zone (WAMZ) has appealed member
states; Ghana, the Gambia, Nigeria, Sierra Leone and La Cote
d'Ivoire, to work towards the actualisation of a single
currency.
Member states should demonstrate their commitment to the
WAMZ Project, particularly the ratification and
domestication of WAMZ statues into national laws and the
payment of all financial obligations adding that Ghana and
Nigeria should endeavour to ratify the statutes.
These were contained in a press release signed by Dr. L
Harding, Chief of Trade, Development and Sensitisation of
WNMZ and issued at the end of the meeting of the Council in
Nigeria.
The release indicated that the Council considered the WAMZ
report on the performance of member countries in the year
2006 towards the achievement of the WAMZ Economic and
Monetary Union by December 1, 2009.
The statement said the Council approved the adoption of a
uniform Cheque Standard and an Automated Cheque Processing
Standard (ACP) as a model for the member countries currently
without ACP system, while member countries with ACP system
were required to migrate to the adopted standard.
It said the Council also urged member countries to adopt
fiscal responsibility to ensure fiscal prudence and that all
vestiges of exchange control should be abolished from the
statue books of member countries.
The statement indicated that the Council approved the
adoption of a uniform Cheque standard and an Automated
Cheque Processing standard (ACP), as model for the member
countries currently without ACP system, while those having
the system should shift to the adopted standard.
It said the Central Banks of member countries were enjoined
to provide the macroeconomic environment necessary for a
stable exchange rate regime.
The release said the Council urged member states to fund the
National Sensitisation Committees towards the sensitisation
of the WAMZ project, and asked parliamentarians,
industrialists, private sector, civil society organizations
and the general public to get involved in the initiative.
The statement indicated that earlier, the former President
of Nigeria, Chief Olusegun Obansanjo in a speech read on his
behalf said, "failure to integrate would render the
sub-region vulnerable to the unintended negative
consequences of globalization."
Time for procrastination and idle debate on viability and
sustainability of the WAMZ project had long gone, he said.
Chief Obansanjo urged member countries to have abiding faith
in the WAMZ Project and ensure that it was followed through
to a successful completion.
GNA
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