Africa Business West Africa World 

West African countries to adopt single currency in 2027

– – Ecowas leaders have agreed to now work towards launching a single currency by January 2027. The West African regional bloc had planned to adopt the currency called Eco in 2020 but said the road map was disrupted by the Coronavirus pandemic. On Saturday however the West African leaders at a summit in Ghana’s capital, Accra agreed a new road map to launch the single currency. ECOWAS Commission President Jean-Claude Kassi Brou told reporters that the pandemic meant a new strategy had to be adopted. “We have a new…

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Africa Business West Africa World 

West Africa’s new single currency delayed for five years

– – West African nations planning to adopt a single currency called the “ECO” effective this year say that won’t happen until after at least five years. In June last year, the regional bloc Ecowas made the headlines after announcing that beginning in January 2020, countries within the group will use a single currency called ECO. That decision was taken by the Authority of ECOWAS Heads of State and Government at the 55th Ordinary Session in Nigeria’s capital Abuja. The West African leaders at the time endorsed the currency and approved a…

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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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Africa Business Ghana West Africa World 

Ghana in line to host ECOWAS central bank

Ghana is seeking to host the ECOWAS central bank which is expected to be set up in the coming months. The bank would be critical ahead of the introduction of the ECOWAS common currency the ‘Eco’ from January 2020. ECOWAS Commissioner in charge of Micro Economic Policy said Ghana is one of the leading countries in line to host the bank. Dr. Kofi Konadu Apraku told Starr FM’s World Today Extra radio show in Accra that “There are major countries including Ghana that is actively seeking to host the central…

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