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WAMZ members urged to ensure actualisation of single currency
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Business News of Monday, 9 July 2007

Source: GNA

WAMZ members urged to ensure actualisation of single currency

Accra, July 9, GNA- The Convergence Council of the West African Monetary Zone (WAMZ) has appealed member states; Ghana, the Gambia, Nigeria, Sierra Leone and La Cote d'Ivoire, to work towards the actualisation of a single currency.

Member states should demonstrate their commitment to the WAMZ Project, particularly the ratification and domestication of WAMZ statues into national laws and the payment of all financial obligations adding that Ghana and Nigeria should endeavour to ratify the statutes. These were contained in a press release signed by Dr. L Harding, Chief of Trade, Development and Sensitisation of WNMZ and issued at the end of the meeting of the Council in Nigeria.

The release indicated that the Council considered the WAMZ report on the performance of member countries in the year 2006 towards the achievement of the WAMZ Economic and Monetary Union by December 1, 2009. The statement said the Council approved the adoption of a uniform Cheque Standard and an Automated Cheque Processing Standard (ACP) as a model for the member countries currently without ACP system, while member countries with ACP system were required to migrate to the adopted standard.

It said the Council also urged member countries to adopt fiscal responsibility to ensure fiscal prudence and that all vestiges of exchange control should be abolished from the statue books of member countries.

The statement indicated that the Council approved the adoption of a uniform Cheque standard and an Automated Cheque Processing standard (ACP), as model for the member countries currently without ACP system, while those having the system should shift to the adopted standard. It said the Central Banks of member countries were enjoined to provide the macroeconomic environment necessary for a stable exchange rate regime.

The release said the Council urged member states to fund the National Sensitisation Committees towards the sensitisation of the WAMZ project, and asked parliamentarians, industrialists, private sector, civil society organizations and the general public to get involved in the initiative.

The statement indicated that earlier, the former President of Nigeria, Chief Olusegun Obansanjo in a speech read on his behalf said, "failure to integrate would render the sub-region vulnerable to the unintended negative consequences of globalization." Time for procrastination and idle debate on viability and sustainability of the WAMZ project had long gone, he said. Chief Obansanjo urged member countries to have abiding faith in the WAMZ Project and ensure that it was followed through to a successful completion. 9 July 07

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