By: Nana Achiaa Aboagye
Ghana International Trade & Finance Conference – GITFiC has held its 7th Ghana International Trade and Finance Conference 2023 at Senchi in the Asuogyaman District of the Eastern Region. The conference called for another look at the prospect of a single currency for ECOWAS countries and the role of African financial institutions in achieving a single continental currency.
The Eco has the potential to reduce trade barriers and promote economic integration in West Africa. However, there are significant risks associated with the project that could offset any potential benefits. The conference put development issues in the context of the optimum currency area in order to determine the extent to which a common currency would benefit the African continent.
The Eastern Regional Minister, Mr. Seth Acheampong urged all to collaborate, engage in joint partnerships, and explore opportunities that transcend our borders and propel the various economies forward.
The Paramount Chief of Akwamuman, Odeneho Kwafo Akoto urged policymakers to engage traditional rulers in the Eco agenda.
The Deputy Chief Executive for Service of the Volta River Authority, Mr. Ken Arthur, reiterated that the VRA believes the concept of a single currency is in sync with electricity generation and trading since electricity does not know any boundaries, all it needs is for the two systems to be connected, and it flows. He said the electrons that form the electricity is the same in Ghana, Burkina Faso, Togo and any other country for that matter.
The electrons behave like a single currency and so we do appreciate the push for a single currency to promote trading. He emphasized that VRA has, since its inception, been promoting international trade through electricity exports and natural gas supply.
The Deputy Minister for Foreign Affairs and Regional Integration in charge of Administration and Finance, Mr. Thomas Mbomba said the initiative of having a unified monetary system among African countries is a significant step towards addressing Africa’s economic vulnerabilities.
Mr. Thomas Mbomba mentioned that Ghana fully supports the AfFCTA and is committed to its successful implementation. We are working diligently to align our trade policies and regulations with the provisions of the agreement, as well as investing in trade facilitation measures, improving border infrastructure, and enhancing our customs procedures to ensure seamless movement of goods and services across borders.
He said Ghana is actively promoting industrialization through initiatives such as the One-District-One-Factory programme, aimed at promoting local value addition and manufacturing capacity. Adding that the road ahead may not be without challenges, but our collective determination and commitment will pave the way for a prosperous Africa.
He reiterated that the Government of Ghana, under the leadership of His Excellency Nana Addo Dankwa Akufo-Addo, remains committed to supporting, pursuing sound policies, and crafting actionable strategies to make meaningful contributions towards the attainment of a unified monetary system among African countries.
The GITFIC is an annual conference that brings together business executives, policymakers, and subject matter experts from all over the world to find ways to enhance trade. The 7th edition was on the theme ‘Senchi Consensus on Africa’s Single Currency.
