Joining CFA Zone has pros and cons - Peprah

Accra (Greater Accra) 14 June ?99

Mr Kwame Peprah, Minister of Finance, on Friday said the Ministry has commissioned a study into the advantages the country will derive from joining the CFA Zone.

He explained that an association with the CFA bloc has its pros and cons, and it is through such a study that the country can take a definitive position on the issue.

He said the study, which is under the chairmanship of Dr S.K.B. Asante, an investment consultant, is funded by the European Union to determine, among other things, the implication and options in joining the West African Economic and Monetary Union (UEMOA), whose members use the CFA currency.

Mr Peprah was responding to a question as to whether or not Ghana will be in a better position as a gateway to the West African Economic Community during "Question Time" in Parliament.

The question stood in the name of Dr Kwame Addo-Kufuor, NPP-Manhyia.

Mr Peprah said the study is expected to be concluded in July this year, and the conclusions and recommendations would help the country to determine the way forward in promoting Ghana as the gateway to the sub-region.

"We need to do a bold and calculated analysis of what will best serve the national interest".

Asked why it has taken the Ministry so long to consider the issue, Mr Peprah replied that the government believes that 16-member ECOWAS should be integrated into one economic zone instead of the present splintered economic grouping.

"We have not considered being a splintered ECOWAS. We hold the view of an ECOWAS integration, and we have always believed in going together", he said.