For many years, ECOWAS members have reaffirmed their desire to create their single currency in 2020. At their last summit, which ended on Tuesday, the finance ministers of the ECOWAS states have finally opted for a name.
This new currency implies the abandonment of the CFA franc and national currencies for countries that have, a perspective that has not failed to elicit many rather positive comments.
“Eco has been adopted as the name of the single currency of ECOWAS”, it is written in the final declaration of this meeting between representatives of the 15 member countries of the organization. This name had already been mentioned at a meeting of finance ministers and central bank governors of the area, in mid-June in Abidjan, Côte d’Ivoire.
The ministers responsible for financial matters in the member countries of the organization had also, since Abidjan, recalled the date of 2020 for the circulation of this currency.
The principle of a flexible exchange rate for the “Eco” has been formally adopted by the ECOWAS Heads of State and Government, reports Agence France-Presse, quoting a statement issued at the end of their meeting this Saturday in Abuja, Nigeria.
Discussed for thirty years, this single currency between the 15 countries of the organization – eight of which use the CFA franc, pegged to the euro – is seen as a risky bet by some analysts. But the initiative would be a strong political symbol.
Sylvain Kopoin, executive director of the Ivorian Federation of Small and Medium Enterprises, believes that it is not possible to put a single currency into circulation in ECOWAS countries by 2020. Listen to him:
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