Minister calls for decisive action on intra-regional trade Aug 28, 2009
On the establishment of a second monetary zone, the Minister said the persistent failure of the various countries to meet the convergence criteria had been worsened by the inability to make progress in the entire regional integration process. Ghana, Nigeria, Sierra Leone, and Guinea Conakry, four of the five countries in the zone, have consistently failed to meet the Convergence criteria of a single digit inflation rate, Central Bank financing of government deficit of less than 10 per cent of... (Ghana Web, Ghana)
Ghana to Sell Water to Togo Why Africa is Hell! Jun 25, 2009
One prays that all you readers would be alive in 2015 they would postpone it again and blame it on the inability of all members to meet the convergence criteria. Let us get back to Ghana Water the chaps do not even have the equipment and the technical expertise to deliver water to the people of Ghana. (Ghana Web, Ghana)
West Africa: Ecowas Targets 2020 for Single Currency Jun 24, 2009
In his remarks, President Umaru Musa Yar'Adua hoped that member states would work hard to achieve the convergence criteria by the new target date, in order to avoid another postponement. Yar'Adua had earlier expressed his disappointment that 30 years after the signing of the Protocol on Free Movement of Goods and services, bottlenecks in the borders of member states have hampered effective economic integration. (allAfrica.com)
ECOWAS leaders review meltdown, political crisis Jun 22, 2009
The financial map outlines activities to be undertaken ahead of the new date, including the review and harmonisation of the convergence criteria, the harmonisation of statistics and domestic policies as well as the legal, accounting and statistical frame-works of public finance. Between 2009 and the first quarter of 2013, it is envisaged that the regulatory and supervisory frame-work for banking and other financial institutions will be harmonised while the payment system for cross-border... (Guardian News, Nigeria)
West African leaders to hold mid-year summitAbuja, Nigeria (PANA) - West African leaders will gather in Nigeria's capital city of Abuja for a one-day summit on Monday to deliberate on recent developmentsin the sub-region, particularly the situations inGuinea, Guinea Bissau and Niger. 18/06/2009 Full Text... Jun 18, 2009
The map outlines activities to be undertaken ahead of the new date, including th e review and harmonization of the convergence criteria, the harmonization of statistics and domestic policies as well as the legal, accounti ng and statistical frameworks of public finance. Abuja - 18/06/2009. (Panapress.com)
East Africa: Region Turns to Agro Processing Jun 16, 2009
As the EAC integration deepens through establishment of the common market, the ministers decided that a study on tax harmonization of indirect taxes and incentives; finalization of a code of conduct to avoid harmful tax competition and development of convergence criteria. The stalled EAC double taxation will be renegotiated and finalized taking into account withholding tax rates as an incentive to promote cross-border investments and entry of Burundi and Rwanda before December 2009. (allAfrica.com)
Govt restates commitment to ECOWAS single currency May 26, 2009
He noted that it was in demonstration of this commitment that Nigeria, in the preceding week, " hosted the WAMZ (West Africa Monetary Zone) to review the state of preparedness of the member-states in meeting the convergence criteria and chart the way forward for an early realisation of the integration agenda as well as harmonise the WAMZ member-states' agenda with that of ECOWAS.". ECOWAS commission president, Ibn Chambas, stressed at yesterday's meeting that the implementation of the... (Guardian News, Nigeria)
West Africa: Uncertainty Over Ecowas Currency, Central Bank May 6, 2009
Abuja Indications emerged yesterday that the adoption of a single currency to be referred to as ECO for West African economies may not commence by December 1, 2009, as four of the five countries in the region were yet to meet the convergence criteria, under the West African Monetary Zone (WAMZ) ... The five West Africa countries under the monetary zone are The Gambia, Ghana, Guinea , Nigeria and Sierra Leone, out of which only The Gambia had met all the convergence criteria for the three years... (allAfrica.com)
Press Release: IMF Executive Board Approves US$565.7 Million PRGF Arrangement for Côte d'Ivoire Mar 28, 2009
The government s medium-term macroeconomic program supported by the PRGF is designed to help create fiscal space for pro-growth and pro-poor spending, improve the prospect for debt sustainability, and make progress towards the West African Economic and Monetary Union (WAEMU) convergence criteria. The program also advances reforms in public finance management, the civil service, the energy and cocoa/coffee sectors, and promotes private sector development, including strengthening of the financial... (IMF News)
Pursuit of single-digit inflation unnecessary- Prof. Aryeetey Mar 17, 2009
Magnus Ebo Duncan, Head of Economic Statistics at the Ghana Statistical Service remarked to the Financial Intelligence that the issue of single-digit inflation, aside of being used by politicians to compare performances, became prominent because of the convergence criteria set by the West African Monetary Institute (WAMI) to achieve a single currency for the member states. But at times, squeezing spending to curb inflation affects economic growth. (Ghana Web, Ghana)
