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Business News of Monday, 13 September 2004

Source: GNA

Five West Africa Countries get into second monetary zone

Accra, Sept. 13, GNA - Heads of State the West African Monetary Zone (WAMZ) have resolved to ensure the introduction of the second Monetary Zone among five West African countries. These are Ghana, The Gambia, Guinea, Nigeria and Sierra Leone, a statement signed by Mr. Ahmed Osumanu Halid from the Ministry of Regional Cooperation and NEPAD said on Monday.

At a summit in the Guinean Capital, Conakry, the Heads of State expressed their commitment that the second Monetary Currency would come into force on July 1, 2005 as set out, it said. They also signed a communiqu=E9 affirming their total commitment to the second monetary zone with consideration to its numerous advantages, including facilitating trade and moving the integration in the sub-region forward.

The summit commended the five member states for the various economic policies they were pursuing to ensure the successful introduction of the second monetary zone. It also endorsed the decision of the Convergence Council to locate the headquarters of the West African Financial Supervisory Authority in Nigeria, the WAMZ secretariat in Guinea and the West African Central Bank in Ghana.

Present at the Summit were General Lansan Conte of Guinea, Olusegun Obasanjo of Nigeria, Alhaji Yahya A. J. J. Jammeh of Gambia, Ahmed Tejan Kabbah of Sierra Leone and Dr. Kofi Konadu Apraku, Minister for Regional Cooperation and NEPAD who represented President J. A. Kufuor.

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