Bussiness
Concerted effort needed to build a viablemonetary union – Dr Addison
Dr Ernest Addison, Governor, BoG
A concerted effort is required to help improve the region’s macroeconomic environment and place it on a stronger convergence path for a viable monetary union, Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has stated.
That, he said, would help facilitate the move by Economic Community of West African States (ECOWAS) for a single currency by 2027.
According to him, the assessment of the regional economies for 2022 showed that no member state satisfied the four primary convergence criteria, and same cannot be achieved in 2023.
The convergence criteria include a single-digit inflation, a fiscal deficit of not more than four per cent of Gross Domestic Product, and central bank deficit financing of not more than 10 per cent of previous year’s tax revenue.
ECOWAS initiated a move two decades ago for a single currency as pertained in Europe and the Authority of the ECOWAS Heads of State and government adopted a new roadmap for the launch of the ECO and a new Macroeconomic Convergence and Stability Pact, which should be met by member states by December 31, 2026.
COVID-19 pandemic disrupt¬ed the plan to launch the ECO in 2020.
Dr Addison made the call at the 43rd Ordinary Meeting of the Economic and Monetary Affairs Committee and the Operations and Administration Committee of the West African Monetary Agency.
The meeting, being convened by the Government of Ghana under the auspices of the Ministry of Finance and the Bank of Ghana, in collaboration with West African Monetary Agency (WAMA), the West African Africa Institute for Financial and Economic Management (WAIFEM), and the West African Monetary Institute (WAMI), formed part of the West African Monetary Zone meeting currently underway in Accra to review macroeconomic developments in the region.
Dr Addison, in a keynote address read on his behalf by the Director of Research of BoG, Dr Philip Abradu-Otoo, said the concern now was whether the 2026 deadline for achieving the convergence was still realistic in the face of the disruptive effects of the repeated shocks on the region.
“This, perhaps, calls for a readiness assessment for the launch of the ECO in 2027 as we move along,” he stated.
The Governor said in spite of the challenges, notable progress had been made in the roadmap for the implementation of the single currency objective, adding that “A lot more remained to be done”.
“While we strive to fulfil the arduous task of meeting the convergence criteria, we need to pay equal attention to other key areas of the roadmap,” Dr Addison stated.
He stressed the need for the unification of the payment and settlement systems and harmonisation of statistics in the region.
Dr Addison said the meeting would involve critical discussions across various sectors of the region’s economies and the im-plementation of roadmap of the single currency for the region.
The Governor of BoG entreated the delegates to participate actively and help broaden the policy discourse towards a viable monetary union.
The Director-General of WAMA, Momodou Bamba Saho, said there was the need for enhanced strategies and reforms to ensure all the member states of ECOWAS met the ECO Convergence Criteria.
“It is incumbent that our work here not only remains pertinent and useful to member states, but also serves as bedrock of stability and cohesion in these very complex times,” he stated.
BY KINGSLEY ASARE
Bussiness
Finance Minister tranfers funds to DACF, NHIS and GETFUND
The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.
Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.
While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.
The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.
In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.
He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.
In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.
For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.
This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.
The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
