Ghana will be expected to put in a formal bid to host the Central Bank for West Africa when the selection criteria are published.
As a precondition for the introduction of a single currency, Eco one country will host the Central Bank.
Nigeria and Senegal have also expressed interest in hosting the Central Bank for West Africa.
A member of the Technical Committee of the West African Monetary Zone and the technical advisor to the Governor of the Bank of Ghana Dr Christian Ahator said “Criteria for selecting a host country will be determined and published so countries interested in it will apply. I think when the criteria are spelt out yes Ghana will apply.”
He explained why Ghana could not automatically host the Central Bank.
“That is under what we call WAMZ programme that is West Africa Monetary Zone is actually the second zone created, there was a decision in 2000 that countries outside the zone should also form a monetary union that brought about the WAMZ, it was created to prepare the ground for the introduction of the single currency and then the establishment of a common central bank, so under that Ghana was supposed to host the common central bank but that phase is over…”
Dr Ahator also said the committee will soon publish a report on how best the new currency can be implemented.
Working on the 2020 deadline for the introduction of the single currency the ECO, the report will be considered by the Heads of State.
“We will prepare a report which is called the state of preparedness report, so we will come up with that report to tell Head of states where we are. The report will actually tell the head of states whether we should go on or not but that report is yet to be prepared.”
Commenting on the politics and technicalities involved, Dr Christian Ahator explained that they will do their best to outline the challenges that may be associated with the launched of the currency.
“This single currency project is a political project as well as…, we still are depending on the Heads of State their decision is final, now what we can do at the technical level is what are those things that we need to put in place if they insist that 2020 the currency should be launched? we will clearly tell them the challenges or the unresolved issues that one we will be clear on that front