Accra Mail (Accra)
March 15, 2002

By Eric Amaning Mireku


The Minister of Finance Mr. Yaw Osafo Maafo says the Economic Community of West African States, (Ecowas) has developed a "fast track" approach to achieving the convergence criteria to ensure that monetary union is attained by the year 2004.

"The pace set by the European Union (EU) is a source of encouragement to Ecowas and an indication that monetary union as a stepping-stone to an economic union."

Mr. Osafo Maafo was speaking at a one-day seminar organised by the European Commission Delegation in Ghana, under the theme "European Monetary Union and Euro - A Learning Experience for Ecowas" in Accra, yesterday.

Giving a breakdown of development aid received from the EU, he said Ghana has so far received a total of about Euro 442.5 million (¢ 2.8 trillion) from the European Development Fund (EDF), to carry out development protects mainly in the rural development and transport/infrastructure sectors.

The EU through its Structural Adjustment Support Programme has also supported the implementation of the national budgets by guaranteeing the provision of funds to the education and health sectors.

The Minister said under the Cotonou Agreement, Ghana has been allocated Euro 311 million (¢2,021 billion) for a 5-year period (2002-2007), and in terms of Budget Support, in 2001, the EU approved Euro 38.4 million and released the first tranche of Euro 17.250 million (¢111 billion). The private sector in Ghana is to benefit from the Investment Facility to be Manage by the European Investment Bank (EIB).

Mr Osafo Maafo said, Ghana needs to improve its trade relations with Europe, to be able to achieve the objective of reducing poverty and raising the standard of living of the people. "In the same vein, trade with our neighbours under the auspices of Ecowas also needs to be improved."

The Head of the European Commission Delegation to Ghana Mr. Stefan Frowein, said the Euro has become a symbol that unites rather than divides European citizens, adding that, the effect of the introduction of the Euro goes beyond economic or monetary meaning. The notes themselves, he said, portray windows and archways in different architectural styles, which are meant to symbolise the spirit of openness of the EU.

And at the back of the notes the bridges signify co-operation, not only in Europe but with the rest of the world.

Mr. Frowein said the windows and bridges indicate that EU is not, and should not be seen as a closed, inward looking fortress, but as an expanding union that looks out through various windows and reaches out to the rest of the work through trade, aid and other forms of co-operation and where possible builds bridges to overcome differences.

The Chairman, the Spanish Ambassador to Ghana, Mr. Fernando Coral, whose country has the presidency of the European Union said, with the Euro, a monetary zone comparable to that of the United States has been established to form the world's number one trading power, triggering the integration of financial markets and economic policies of the states adopting it. He said this brings the citizens of Europe very tangible proof of the benefits of the European Union.
--------------
Copyright © 2002 Accra Mail.

----------------------------------------------------------------------------
To unsubscribe/subscribe or view archives of postings, visit:

        http://maelstrom.stjohns.edu/archives/aam.html

AAM Website:  http://www.danenet.wicip.org/aam
----------------------------------------------------------------------------