Business, Economy

Six English-speaking countries of ECOWAS reject Eco currency

Six English-speaking countries of the Economic Community of West African States (ECOWAS) has rejected the Eco currency adopted by eight francophone countries.

The countries adopted the currency through their union, West African Economic and Monetary Union.

The countries 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.”

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