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Buhari, Ouatarra Arrive For ECOWAS Single Currency Meeting

Buhari, Ouatarra Arrive For ECOWAS Single Currency Meeting
Nigerian President, Muhammadu Buhari, Ivorian president, Alhassane Ouattara, and the President of Niger, Issoufou Mahamadou, have arrived in Accra ahead of the 5th ECOWAS Presidential Task-force meeting on the attainment of a single currency by 2020.

They were received at the Kotoka International Airport by Vice President Dr Mahamudu Bawumia.

About The Meeting

Ghana is hosting the 5th Meeting of the Economic Community of West African States’ (ECOWAS) Presidential Task-Force on the Single Currency, Wednesday February 21,2018 at the Accra International Conference Centre.

The four day event will also be attended by some governors of Central Banks and Finance Ministers from the ECOWAS region.

The meeting which will be chaired by President Nana Akufo-Addo will among other things provide member countries with a common platform to deliberate on issues and adopt a revised road map to accelerate the creation of the single currency by 2020.

It was preceded by two Technical meetings which included representatives from the Ministries of Finance from Cote D’Ivioire, Ghana, Nigeria and Niger and Central Banks of ECOWAS member states as well as regional institutions involved in the  ECOWAS Monetary Cooperation UEMOA Commission, the West Africa Monetary Agency [WAMI], and the United Nations Commission for Africa.

The last ECOWAS single Currency Programme was held in Niamey, Niger in October 2017.

Economic Activity in ECOWAS was estimated to accelerate at 2.1% in 2017 in the preceding year and

The WAMZ member countries including Gambia, Ghana, Guinea, Nigeria, and Sierra Leone were expected to have a single currency like their Francophone counterparts using the CFA, following the Accra Declaration and the Bamako Accord as far back as 2000.  Liberia, later, joined WAMZ in 2010.

The four primary criteria to be achieved by each member country are: A single-digit inflation rate at the end of each year, a fiscal deficit of no more than 4% of the GDP, a central bank deficit-financing of no more than 10% of the previous year’s tax revenues and gross external reserves that can give import cover for a minimum of three months.

Traffic Situation
Traffic is expected to build up as the Accra Regional Police Command has announced a temporary closure of some roads in the capital ahead of the ECOWAS Presidential Task-force meeting.

A statement signed by the Public Relations Officer [PRO] for the Accra Regional Police Command, Effia Tenge, indicated there will be a temporary closure of the Osu Cemetary Traffic Light on the Castle Road to AU Circle and intermittent closure on the Independence Avenue through 37 interchanges to AU circle.

“The general public is urged to cooperate with the police to ensure effective traffic management.Any inconvenience that these arrangements would cause is deeply regretted,” the police statement said as it urged motorist to note and adhere to the traffic arrangements.

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