WAMZ member states encouraged to redouble
steps to reach single currency
Minister advises against importation of
shoddy goods
WAMZ member states encouraged to redouble
steps to reach single currency
Accra (Greater Accra) 18 April 2002- The Convergence Council of Ministers of the West African Monetary Zone (WAMZ) has called on member countries to redouble their efforts at implementing economic adjustment policies to ensure that the stipulated convergence criteria for reaching a single currency were met on the deadline of December 2002.
At a meeting in Freetown, Sierra Leone last week, the ministers also re-affirmed 'ECO' as the name of the WAMZ common currency as agreed in December 2001 and appealed to authorities of Heads of State and government of the zone to ensure speedy completion of the process of arriving at the name.
These were contained in a statement by the West African Monetary Institute (WAMI) in Accra after the meeting, which reviewed progress, made in the establishment of the second monetary zone since the last meeting of the council last December.
It was attended by representatives from Ghana, The Gambia, Guinea, Nigeria, Sierra Leone, WAMI and the Economic Community of West African States (ECOWAS). The statement said the Council of Ministers again re-affirmed the commitment of member states to establish the second monetary zone as a veritable step towards the attainment of the ECOWAS single monetary zone in 2004.
The ministers also noted that the WAMZ exchange rate mechanism would commence from 2 April 2002 and that there was the need to publicise information on it to the general public, the statement said.
Members adopted the first annual report and audited financial statement of accounts of WAMI at the end of the meeting and fixed the next meetings of the WAMZ for June in Ghana.
GRi…/
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Accra (Greater Accra) 18 April 2002
Currency Buying Selling
US Dollar 7,588.82 7,779.91
Pound Sterling 10,955.98 11,235.75
Swiss Franc 4,577.96 4,691.33
Canadian Dollar 4,802.31 4,919.76
Japanese Yen 57.88 59.32
S/African Rand 676.67 691.80
Euro 6,729.72 6,890.98
CFA Franc 10.26 10.51
Naira 64.84 66.48
Ecowas/WAUA 9,387.48 ----------
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Minister advises against importation of
shoddy goods
Accra (Greater Accra) 18 April 2002- Mr Osei Agyei, Deputy Minister of Trade and Industry, has called on traders to honour their tax obligations to enable the government to undertake development programmes in the country. He advised them to stop flooding the markets with shoddy goods that they buy at very cheap prices.
Mr Agyei made the call when he addressed market women and members of the Ghana Union Traders Association (GUTA) to educate them on the activities of the Customs, Excise and Preventive Service (CEPS). He said the work of CEPS officials was to help collect taxes and duties and also assist traders in the facilitation of their trading activities.
He cautioned them to desist from smuggling goods by evading payment of duties at the point of entry and co-operate with CEPS in the collection of taxes to facilitate the generation of revenue for the government.
Mr Osei Brogya, treasurer of the association in a welcoming address said GUTA was prepared to assist CEPS in the collection of taxes and duties to enable the government to provide social amenities for the people in the country.
Mr Paul Adubofour, Deputy Commissioner (Operations), touched on the clearing of goods at the harbour and airport and explained that the bill of laden was used to assess the duty to be paid. On special tax, he said, 10 per cent was charged on the goods while items like educational materials, hospital equipment and goods for donations to the needy in the society were exempted.
He advised the traders to get into contact with CEPS officials if they did not understand anything concerning the clearing and paying of tax on their goods for redress. Lieutenant-Colonel Sam. A. Ashiagbor, Deputy Commissioner (Special Duties), urged the traders to report any CEPS official, who condoned and connived with traders to smuggle goods through the entry point. He called on the Minister of Finance to lobby for the review of the customs law in Parliament.
GRi…/
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