Experts Urge Ghanaians to Support Single Currency

Ghanaians need to support and be patient with West Africa's move towards formulating a single currency in order for it to be successful, said Mr. Rebily David Asante, Technical Adviser of the West African Monetary Institute (WAMI).

Speaking to about 100 trade union members and journalists at a seminar sponsored by both WAMI and the Trades Union Congress (Ghana) at the Novotel, Mr. Asante said that people have to patiently support Ghana's new plans to prepare to join the West African Monetary Zone."Policies take time," said Mr Asante, adding, "The costs usually come before the benefits, but we have to be patient."

In a presentation entitled, "The West African Common Currency: the Benefits to Workers," Mr Asante educated the participants on advantages of Ghana joining the Monetary Zone.

Among the benefits he mentioned, is the rise in the standard of living of ordinary citizens because there would be more employment, higher incomes and improved standard of education and health coverage.

In addition, there would also be a lower level of inflation that would cause the value of the cedi to appreciate, the attraction of foreign direct investment into West Africa and a stable exchange rate.

Mr. Asante said integrating the region does not mean integrating only the heads of states, but especially the workers, because theirs and the support of trade associations, chambers of commerce and other grassroots organisations are essential in the success of the programme.

Professor S.K.B. Asante, Chairman of Ghana Telecom said, "The government needs to bring the targets to the public domain so that when they are making their budgets, we can hold them to these policies."

Ghana would have to adapt policies to reduce its inflation rate to a single digit and control of its budget in order to decrease its deficits.

An audience member pointed out that the government might have to cut back on some existing social programmes in order for it to reach its fiscal targets.

Among those who participated were, Mr Kwasi Adu-Amankwah, Secretary General of TUC, Mr Kassim Yahya, Director of Research of the Bank of Ghana, Dr E.K.Y. Addison, Chief Economist of WAMI,Mr Yahya delivered a presentation on the cedi's long history and blamed its instability on poor management by former monetary policymakers.

"Sound financial and economic management means that your pay packets will have more value," said Mr Yahya, adding, With more income, you can enjoy a higher standard of living.