(Ecofin Agency) - Yesterday, in Abuja, the ministers of finance and central banks’ governors of the ECOWAS’ five English-speaking countries (Nigeria, Ghana, Sierra Leone, Liberia, and The Gambia), together with Guinea, rejected the ECO - which is supposed to become the single currency used by all ECOWAS member states.
The six members of the West African Monetary Zone (WAMZ) strongly oppose the “unilateral” decision to rename the CFA franc to Eco, by July of this year. Indeed, this announcement was made last December, just after a meeting in Abidjan between French president, Emmanuel Macron, and Ivorian leader, Alassane Ouattara.
Nigeria, let’s recall, had always been reluctant regarding the Eco. However, it is surprising to see Ghana join its side, as it recently adopted a more favorable stance towards the currency.
The new turn of events restarts the debate surrounding the Eco, in a context where all WAEMU States (all of which use the CFA) agreed to the switch.
Now, the six countries that rejected the Eco are calling for an urgent meeting of ECOWAS States, to discuss the currency which should regroup all 15 of them.
Ayi Renaud Dossavi