West Africa Moves To
Ensure Cross Border Banking
Rebecca Mu’azu, Accra
Governors
of central banks in the West African Monetary Zone are meeting
in Accra, Ghana to consider a draft report and memorandum of
understanding on cross border banking supervision.
The document, prepared by the technical committee of the
monetary zone, is aimed at ensuring that banks in the five
member countries are strong enough to operate on the same level
for the convergence of their currencies.
Governor of the Bank of Ghana, MKwesi Amissah-Arthur. r, said at
the opening of the meeting in Accra, that a team of bank
officials from the Gambia, Guinea and Sierra Leone have been to
Ghana to understudy its banking system.
The overall objective of the West African Monetary Zone is to
ensure convergence of currencies of member countries into one.
The currency is to be named the Eco, which will later merge with
the CFA of the French speaking region of West Africa, to form a
single currency for ECOWAS countries, by the Year Twenty
Fifteen.
Yinka
