#ecowascurrency

The Ghana cedi has depreciated by 37.1% as of the 27th of September 2022, Finance Minister Ken Ofori-Atta has said, noting that inflation remains high at 33.9% as of August 2022. Mr Ofori-Atta gave the figures during his press briefing on Wednesday, 28 September 2022 about the ongoing negotiations between the government of Ghana and the International Monetary Fund for a $3 billion programme to…

ECOWAS Bank for Investment & Development Approves US$68 mln Funding For Local Projects

*42 million dollars for the funding of public and private sector projects. An official statement issued in Accra and copied the GNA said the approval was given during its 75th Meeting held in Lomé, Togolese Republic. The President and Chairman of the Board of Directors of EBID, Dr. George Agyekum Donkor, reiterated that the funding, which further heightens the Bank’s commitment to achieve the…

West Africa Renames CFA Franc But Keeps It Pegged To Euro

West Africa’s monetary union has agreed with France to rename its CFA franc the Eco and cut some of the financial links with Paris that have underpinned the region’s common currency since its creation soon World War Two.

Under the deal, the Eco will remain pegged to the euro but the African countries in the bloc won’t have to keep 50% of their reserves in the French Treasury and there will no…

Bank of Ghana Spends GH¢153 mln (US$28 mln) On Printing Cedi Notes In 2018

The Bank of Ghana last year spent more than GH¢153 million to print the country’s legal tender, the cedi. The amount spent includes the actual cost of printing the legal tender, fees paid to the agency that supervised the printing process as well as what the central bank describes as other currency expenses.

According to the central bank’s 2018 annual report, the total cost of printing was around…

Nigeria Agrees To Join Africa Continental Free Trade Agreement (AfCFTA)

Af

rica’s biggest economy has belatedly agreed to join a huge free trade agreement aimed at boosting manufacturing across the continent. Nigeria will sign the Africa Continental Free Trade Agreement (AfCFTA) at a summit of the African Unionthat starts in Niger on July 7, the Nigerian presidency announced on its official Twitter account late on Tuesday. “Let me state unequivocally that…

African Continental Free-trade Agreement (ACFTA) Takes Effect

African continental free-trade agreement takes effect

Deal will eventually cover a market with 1.2 billion people

Africa, largely ignored in a U.S.-China trade war that could roil economies worldwide, is quietly piecing together the world’s largest free-trade zone.

The African Continental Free Trade Area comes into force on paper on Thursday after the required 22 countries ratified the deal a…