The 7th Ghana International Trade & Finance Conference, otherwise known as GITFiC2023, ended in May with a call on African states to commit to monetary integration.
The Conference was held at the Royal Senchi Hotel & Resort in the Eastern Region of Ghana from Friday, May 26 to Sunday, May 28.
Themed ‘Sovereign Economic Vulnerabilities; An Endorsement For A Single Currency for Africa’, the Conference saw the participation of several dignitaries and key stakeholders from industry, academia, and the trade and finance ecosystem.
It was chaired by the Deputy Chief Executive Officer of the Volta River Authority (VRA), Ing. Ken Arthur.
The Chief Executive Officer (CEO) of GITFIC, Selasi Koffi Ackom, in his address, mentioned some of the strides made by the Conference in promoting the ideals of the African Continental Free Trade Area (AfCFTA) since 2019, where the 3rd Conference was held at the African Union Headquarters in collaboration with the Addis Ababa Chamber of Commerce.
He reiterated the commitment of his institution to provide the forum for policymakers and duty bearers to deliberate and proffer implementable solutions to the myriad of challenges confronting the trade and finance across the African continent.
The Greater Accra Region Chairman of the Association of Ghana Industries (AGI), Tsonam Cleanse Akpeloo, commended the organisers of the Conference for bringing to fore the importance of a single currency for trading, particularly in the advent of a common trading market under AfCFTA.
Day One of the Conference saw presentations on the theme: ‘Assessing the perspectives of ECOWAS & African Union on the importance of a Single Currency for Africa’.
For participants to have deeper insights into the presentations, the issues delivered were framed for deliberations in a Panel Session.
An Immediate Past Director for Economic Development Trade and Integration at the African Union, Dr. Dossina Yeo, shared perspectives on the underlying plans and modalities adopted by the AU towards the implementation of an African Central Bank and a Single African Currency.
The Director of Multilateral Surveillance and Trade Department (MSTD) of the West African Monetary Institute (WAMI), John Kotoku, who represented the Director General, pointed to the achievements chalked so far by the WAMI in pursuing the ECO as a common currency for ECOWAS Members.
It was stressed that implementation deadline was postponed several times because ECOWAS member states were unable to meet the full convergence criteria required.
The final day of the Conference hosted two panel sessions on the promotion of MSMEs and the Protocol on Dispute Settlement Mechanism (DSM).
The Immediate Past Head of Industry Directorate for ECOWAS, Dr. Kenji Ajoku, gave an insight into the objectives of the West Africa Industrial Policy (WACIP) formulated by ECOWAS in 2010.
It was agreed after the Conference a single currency for Africa would bring reduction in trade transaction costs and offset exchange rate volatility and financial market imbalances, as well as enhance mobility of factors of production.
It also acknowledged that the geo-political structure of Africa with ties to past colonial masters was a threat to efforts towards adoption of a single African currency.
Participants also bemoaned the weak commitment of African nations to meeting the fundamental conditions required under the monetary convergence criteria for a common African currency.
It was, therefore, recommended among others that the AU should enhance support to Regional Monetary Institutes to promote research into strategic direction, progress and lessons gathered by existing Monetary Unions such as WAEMU and CEMAC.
Members also recommended that Regional Economic Communities remain committed “to a unified monetary integration, and an adoption of common currency for each economic zones, which could then evolve into a unified African currency”.
Among institutions who sent delegations to the Conference are WAMI, ECOWAS, AU, the Volta River Authority (VRA), Ghana Free Zones Authority (GFZA), Ghana International Trade Commission (GITC), Attorney General’s Department, PURC, Ministry of Energy, GCMC, CPC, GHA, FDA, BOST, AGI, and key private institutions in trade, business, finance and logistics.
