The proposed single currency, Eco, collectively adopted by eight francophone countries through their union, West African Economic and Monetary Union has been rejected by six African countries.
This rejection is contained in a communiqué read by Mr Mamadi CAMARA, the Minister for Economy and Finance of the Republic of Guinea in Abuja on Thursday.
The communiqué was issued after an Extra-Ordinary Meeting of the Ministers of Finance and Governors of the Central Banks of the Member States of the West African Monetary Zone (WAMZ).
On December 21, eight countries namely Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo, announced that they would be changing from the CFA Franc to Eco through their union, West African Economic and Monetary Union.
The six countries, English-speaking countries of the Economic Community of West African States (ECOWAS), 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.”
