Saturday, February 8, 2020

English-speaking ECOWAS countries reject rebranding CFA as eco

English-speaking ECOWAS countries reject rebranding CFA as eco
January 16
16:43 2020

Six countries of the Economic Community of West African States (ECOWAS) have rejected the eco currency adopted by eight mostly francophone countries.

Nigeria, Sierra Leone, Ghana, Liberia and Gambia, who are all English-speaking, as well as Guinea, a francophone country, stated their position on Thursday.

Eight mostly francophone countries had adopted eco as their the currency through their union, West African Economic and Monetary Union.

The six countries reached their decision at a council meeting of finance ministers and central bank governors that held in Abuja.

At the end of the meeting, delegates recommended that an extraordinary general meeting of ECOWAS heads of state and governments in the West African Monetary Zone be convened to discuss the matter.

“The meeting notes with concern, the declaration by the chairman of the authority of the heads of state and government of the West African Economic and Monetary Union on December 21, 2019, to unilaterally rename the CFA Franc as Eco by 2020,” the communique read.

“WAMZ convergence council wishes to emphasise that this action (is) not in line with the decision of the authority of heads of state and government of ECOWAS for the adoption of the Eco as the name of an independent ECOWAS single currency.

“WAMZ convergence council reiterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS authority of heads of state and government towards the implementation of the revised roadmap of the ECOWAS single currency programme.”

In July, ECOWAS agreed that ‘eco’, the proposed single currency for the zone, will be launched in January 2020.

They also agreed that a flexible currency regime would be adopted.

On December 21, eight countries — Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo — announced that they would be changing from the CFA to eco.

Guinea-Bissau is Portuguese-speaking while the rest speak French as official language.


WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2020 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.

Social Comments

1 Comment

  1. christian
    christian January 16, 18:26

    France will never take part in the Eco,they are evil country

    Reply to this comment

Write a Comment

Your email address will not be published.
Required fields are marked *



Exchange Rates

February 04, 2019USDGBPEUR
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.