The Vice-President, Mr. Kwesi Bekoe Amissah-Arthur, last Friday charged members of the West African Monetary Zone (WAMZ), to find innovative ways of achieving a monetary union.
Mr Amissah-Arthur made the point when he opened the 32nd Meeting of the Convergence Council of Ministers and Governors of Central Banks of the West African Monetary Zone (WAMZ) in Accra.
He said, lessons from the Euro zone, in particular, should guide them in putting in place a robust framework for the West African Monetary Zone.
“We have to identify those developments that derail fiscal policy implementation in member countries and relate them to our overall objective,”
The Veep also indicated that inadequate management of the impact of fiscal policies in West African countries, especially in elections years, has contributed to the inability of the WAMZ countries to meet the convergence criteria for the take off of the ECOWAS common currency.
He said, Ghana remains committed to the WAMZ Programme and this is evidenced by the fact that Ghana has no outstanding financial commitment to the Programme.
The Vice-President, however, urged member countries to ensure that any such outstanding financial commitments to the WAMZ programme are given priority in national budgets.
According to him, Central Banks in the WAMZ region need the independence to allow them exercise control on unduly expansionary fiscal policy, free from the need to meet short term public sentiments.