ECO MUST BE ACCEPTED BY ECOWAS countries with caution

By Isaac Arkoh


ECO is the new general currency proposed by the Economic Community of West African States (ECOWAS) community for its member countries, this currency if accepted, will be a legal tender within the member countries of the Economic Community of West African States (ECOWAS). Ghana News Agency’s Isaac Arkoh has more on it below as ECOWAS member countries are being cautioned by the Public Services International (PSI) to accept with caution.

ECO MUST BE ACCEPTED BY ECOWAS countries with caution

Cape Coast, Jan. 17, GNA – Public Services International (PSI), a global union federation for workers in public services, has cautioned countries belonging to the Economic Community of West African States (ECOWAS), to tread cautiously in accepting ECO as a legal tender.

It noted that wholesale acceptance of the currency without due consideration to differences in economic development indices, socio- cultural, political atmosphere and stakeholders’ engagements would retrogress nations and worsen the plight of the citizenry.

ECO MUST BE ACCEPTED BY ECOWAS countries with caution

According to the Union, the move to actualise the over 30 years dream of ECO to facilitate trade, lower transaction costs and payments amongst the over 385 million people was laudable, but expressed fear over possible underhand machinations by France especially in the eight member states which use CFA franc.

“Seven others have their own currencies, yet none of them is freely convertible” Camerade Sani Baba, the Regional Secretary for PSI-Africa/Arab Countries issued the caution at the opening of a two-day conference of African Public and Civil Service Unions Network (APACSUN) in Cape Coast on Thursday.

ECO MUST BE ACCEPTED BY ECOWAS countries with caution

The conference, which was the second of its kind and the first to be held in Ghana was aimed at strengthening bonds, networking, protecting and influencing policies to promote the interest and welfare of members across the Continent.

It was graced by heads of unions and representatives from Nigeria, Kenya, Tanzania, Ethiopia and Togo.

Camerade Baba explained that ECOWAS could not afford to rush into such agreements without full and proper consultation with all stakeholders, adding that rush in legalising the use will not auger well for all countries.

“If ECOWAS wants to tie the ECO to the Euro, then it should be the discussion between the ECOWAS and European Union, but not France. That’s because for 20 years, the CFA in the French speaking Africa, has always been tied to the Euro.

That notwithstanding, he noted that the “Francophone countries have nothing to lose because their currencies were almost at par with the France CFA, but Anglophone countries like Ghana and Nigeria stand to lose a lot due to population and currency uniqueness.

He also urged, ECOWAS member countries to endeavour to keep their currencies and allow them to freely compete with others and noted that “in the European Union, some countries still keep their currencies.”

Osabarimba Kwesi Atta II, Omanhen of Oguaa Traditional Area, who chaired the programme, called on ECOWAS countries to scale-up public education in their respective countries, the essence of the introduction of the currency and its implications.

He told African countries to believe in themselves, and put in place well thought-out pragmatic policies to quicken the pace of development to all.

ECO MUST BE ACCEPTED BY ECOWAS countries with caution

Mr Kingsley Adjei Boahen, the Central Regional Coordinating Director, urged members to unify their front, act professionally with commitment and dedication to ensure judicious use of resources.

He encouraged them to exhibit high level of personal integrity and desist from engaging in political and other acts that contravened the ethics of their profession and development.

ECO MUST BE ACCEPTED BY ECOWAS countries with caution

Source: GNA

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