Ghana to host headquarters of WACB

Accra, Dec. 19, GNA - Ghana was on Friday nominated to host the headquarters of the West African Central Bank (WACB). However, all members of the West African Monetary Zone (WAMZ) would be eligible to express interest to host the headquarters of the future ECOWAS Central Bank.

The decision was contained in a six-point Communiqu=E9 issued at the end of the sixth ECOWAS Summit on the WAMZ, in Accra. The Summit also directed that priority should be given to member countries compliance with WAMZ's convergence criteria and the laying of a solid financial foundation for the Common Central Bank.

The Communique signed by President John Agyekum Kufuor, ECOWAS Chairman re-affirmed their commitment to the actualisation of the launching of the monetary union on July 1, 2005.

The ECOWAS leaders formally signed the Revised Statute of the WACB and decided to hold the next Summit in Conakry, Guinea in August 2004. Highlights of the Summit included, consideration and adoption of the report of the 13th meeting of the Convergence Council of Ministers and Governors on Central Banks of WAMZ.

The Convergence Council had proposed that members should redouble their efforts to meet the convergence criteria and to make available adequate resources to the National Sensitisation Committees to implement their programmes.

The Council also suggested to the ECOWAS leaders to ensure that member countries discharged their financial obligations promptly under the programme and sustain efforts to put in place appropriate institutional structures for WAMZ.