ACTION PLAN FOR THE ESTABLISHMENT OF THE SECOND MONETARY ZONE PHASE OF NATURE OF ACTIVITY COMMENCEMENT COMPLETION INSTITUTION OBSERVATIONS IMPLEMENTATION TO BE UNDERTAKEN CONCERNED Stage I Harmonisation of Jan. 2000 On-going Member States, Gambia, Jan. Dec. 2000 policies and Ghana, Guinea, Liberia, – concepts. Observance of Nigeria, Sierra Leone macro-economic indicators of convergence i) Inflation: Single digit Jan. 2000 Dec. 2000 5% Dec. 2003 ii) Central Bank credit to Jan. 2000 Dec. 2002 Govt. 10% of previous year’s tax revenue iii) Reserves to imports cover: 3 months Jan. 2000 Dec. 2000 6 months Dec. 2003 iv) Budget deficit/GDP ratio: 5% 4% Jan. 2000 Dec. 2000 Dec. 2002 Review of draft March 2000 June 2000 Technical Committee The Technical Committee is to institutional administrative hold consultations and and legal framework on discussions with relevant single ECOWAS monetary institutions, organisations in zone and documents for and outside the region to negotiation facilitate the finalisation of this document originally prepared by the monetary consultant, the late Dr. J.H. Frimpong-Ansah. Setting up of Task Force to March 2000 April 2000 Convergence Council This Task Force will operate as prepare technical an ad-hoc Committee to documents for Technical facilitate the work of the Committee Technical Committee Operations of the Task April 2000 Dec. 2000 Technical Committee Force
ACTION PLAN FOR THE ESTABLISHMENT OF THE SECOND MONETARY ZONE PHASE OF IMPLEMENTATION NATURE OF ACTIVITY TO BE UNDERTAKEN COMMENCEMENT COMPLETION INSTITUTION CONCERNED OBSERVATIONS Stage I Jan. – Dec. 2000 Harmonisation of policies and concepts. Observance of macro-economic indicators of convergence Jan. 2000 On-going Member States, Gambia, Ghana, Guinea, Liberia, Nigeria, Sierra Leone i) Inflation: Single digit 5% Jan. 2000 Dec. 2000 Dec. 2003 ii) Central Bank credit to Govt. 10% of previous year’s tax revenue Jan. 2000 Dec. 2002 iii) Reserves to imports cover: 3 months 6 months Jan. 2000 Dec. 2000 Dec. 2003 iv) Budget deficit/GDP ratio: 5% 4% Jan. 2000 Dec. 2000 Dec. 2002 Review of draft institutional administrative and legal framework on single ECOWAS monetary zone and documents for negotiation March 2000 June 2000 Technical Committee The Technical Committee is to hold consultations and discussions with relevant institutions, organisations in and outside the region to facilitate the finalisation of this document originally prepared by the monetary consultant, the late Dr. J.H. Frimpong-Ansah. Setting up of Task Force to prepare technical documents for Technical Committee March 2000 April 2000 Convergence Council This Task Force will operate as an ad-hoc Committee to facilitate the work of the Technical Committee Operations of the Task Force April 2000 Dec. 2000 Technical Committee
Accra%20Declaration.docx