West African regional bloc adopts new plan to launch Eco single currency in 2027

News Wire

ECOWAS commissioner Jean-Claude Brou at an ECOWAS G5 security summit in Ouagadougou, Burkina Faso, in 2019. © Issouf Sanogo, AFP

A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic.

The new road map was agreed by heads of state of the Economic Community of West African States (ECOWAS), Jean-Claude Kassi Brou, president of the ECOWAS Commission, told a news conference after a summit of the leaders in Ghana on Saturday

The countries hope a single currency will help to boost trade and economic growth

“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021” Brou said.

“We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco,” he said, referring to the name of the new currency.

Nigeria, the largest economy in West Africa, currently operates a managed float for its currency, while eight others including top cocoa producer Ivory Coast, use the France-backed CFA, pegged to the euro.

Source: Reuters

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About Cholo Brooks 14980 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.

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