The Economic Community of West African States (ECOWAS) has adopted a new road map to launch its single currency in 2027. President of the ECOWAS Commission, Dr Jean-Claude Kassi Brou, told a press conference that the new road map was agreed by the heads of state of ECOWAS at the 59th ordinary summit in Accra on Saturday (19 June)
“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021,” Dr Brou said.
Dr Brou said the heads of state had asked the ministerial committee to look at the new roadmap and the convergence pact, taking into account the lessons from the COVID-19 pandemic.
What this means is that Ghana may either give up the cedis or use the ECO together with the local currency.