Vice-President, Paa Kwesi Amissah-Arthur wants the Ghana Cedi and other currencies in the West African sub-region to be devaluated.
He believes that the devaluation of currencies used in the sub-region will easily pave the way for the establishment of conditions that are crucial for adopting a single currency in the ECOWAS zone by 2020.
He said the vision to establish a single currency in the ECOWAS zone would be a mirage if member countries do not subject themselves to innovation and confront dogmatic thinking.
“We need to design a stability mechanism, create a banking institution, strengthen fiscal regimes in member countries and improve information sharing and surveillance within the West Africa Monetary Zone,” he said.
Mr. Amissah-Arthur made the call when he opened the 35th Meeting of the Convergence Council of the West African Monetary Zone (WAMZ) in Accra.
He said with the fall in international prices of major export commodities in the region coupled with low portfolio inflows and the depreciation of local currencies, there was the need to come out with innovative strategies to address the issues because “they have impacted negatively on the economies of member countries”.