Africa West Africa World 

Francophone West Africa seeks ‘financial freedom’ from France

For decades Francophone nations in West Africa have had the management of their currency done in France. Their financial reserves have always been planned and controlled from France despite gaining independence many years ago. A model where these eight former colonies of France had their foreign-exchange accumulation kept at the French Treasury could soon change. Benin’s President Patrice Talon has revealed that the eight-member nations of the West African Monetary Union “unanimously agree” to end the practice. He said in an interview with Radio France Internationale that “I can’t give…

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Africa Business West Africa World 

Why Francophone West Africa must take lead in ECO adoption

The proposed single currency named Eco for the West African sub-region is being pursued by member states in the hope that it will promote trade and economic growth. The acceptance of the Eco would however bring an end to the use of the CFA by members of the West African Monetary Union (WAMU), namely; Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Under the West African Monetary Union, the French Treasury holds 50% of foreign exchange reserves and the CFA is printed by France. Also, the European…

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