West African Central Bank for Ghana

THE headquarters of the West African Central Bank (WACB) has been given to Ghana.

The decision to chose Accra was seen as a political one by the members of the West African Monetary Zone made up of Nigeria, Ghana, Guinea, the Gambia and Sierra Leone.

However, Nigeria is said to be trailing behind Ghana in meeting the convergence criteria for a regional common currency and common market.

Out of the four criteria, Ghana has met three requirements except that of inflation rate reduction to a single digit. Ghana's deficit in relation to its Gross Domestic Product (GDP) and its level of Gross Reserve are within the acceptable recommended limits.

But for Nigeria, only two criteria have been met so far - the deficit level and the level of Gross Reserve.

These disclosures were made in Abuja yesterday by the Director of West African Monetary Institute (WAMI), the Nigerian-born Dr. Michael Ojo.

Ojo said he was in Nigeria to see government officials over the ratification and domestication of all laws and treaties regarding the emergence of a common regional economy.

Domestication has to do with the presentation of the harmonised regional Assembly for passage into a binding law in Nigeria.

Ratification means obtaining the President's assent to laws on regional integration passed by the National Assembly.`