Business News of Friday, 10 January 2020Source: www.ghanaweb.comECO could suffer depreciation amidst unresolved border closure - GUTA cautionsPresident of GUTA, Dr. Joseph ObengThe Ghana Union of Traders Association (GUTA) has warned against the likely depreciation of the proposed common currency, the ECO, bearing in mind the economic trade scope of some West African countries amidst unresolved closure of some of its trade borders. According to the President of the Union, Dr Joseph Obeng said the adoption of the ECO, without an effective monetary system, could also result in poor trade numbers considering the current trade volumes among member states. If we have to adopt a single currency then we have to get an effective monitory system in place. Government in 2019 made the announcement that it will soon join eight West African Countries which have committed to using a common currency, the ECO, early in 2020. The Communications Directorate at the Office of President Akufo-Addo in an earlier statement said the decision will help remove trade and monetary barriers, reduce transaction costs, boost economic activity, and raise the living standards of countries involved.

Source: GhanaWeb January 10, 2020 15:11 UTC