PHASE OF NATURE OF ACTIVITY COMMENCEMENT COMPLETION INSTITUTION OBSERVATIONS IMPLEMENTATION TO BE UNDERTAKEN CONCERNED Stage III Finalisation of operational July 2001 activities Oct. 2002 i) Operationalising of exchange July 2001 Dec. 2001 Convergence Council rate mechanism ii) Appointment of key officers July 2002 Aug. 2002 Heads of of the Bank State/Convergence Council iii) Preparation for introducing July 2002 Dec. 2002 Convergence Council new currency iv) Recruitment of staff Aug. 2002 Oct. 2002 Common Central Bank v) Mid-term assessment of July 2001 Aug. 2001 country performance vi) On-going operational July 2001 Oct. 2002 Common Central Bank activities vii) Final assessment of Jan. 2002 March 2002 Convergence Council performance Stage IV Introduction of new currency Jan. 2003 Jan. 2003 Common Central Bank The common currency will Jan.-Dec. 2003 circulate side by side with national currencies for a specific period of time.
PHASE OF IMPLEMENTATION NATURE OF ACTIVITY TO BE UNDERTAKEN COMMENCEMENT COMPLETION INSTITUTION CONCERNED OBSERVATIONS Stage III July 2001 Oct. 2002 Finalisation of operational activities i) Operationalising of exchange rate mechanism July 2001 Dec. 2001 Convergence Council ii) Appointment of key officers of the Bank July 2002 Aug. 2002 Heads of State/Convergence Council iii) Preparation for introducing new currency July 2002 Dec. 2002 Convergence Council iv) Recruitment of staff Aug. 2002 Oct. 2002 Common Central Bank v) Mid-term assessment of country performance July 2001 Aug. 2001 vi) On-going operational activities July 2001 Oct. 2002 Common Central Bank vii) Final assessment of performance Jan. 2002 March 2002 Convergence Council Stage IV Jan.-Dec. 2003 Introduction of new currency Jan. 2003 Jan. 2003 Common Central Bank The common currency will circulate side by side with national currencies for a specific period of time.
Accra%20Declaration.docx