West Africa Renames Common Currency, Cuts Links to France
Eight countries have agreed to change the name of their common currency to the Eco, finally cutting ties with the CFA franc. The Eco will still be pegged to the Euro but the rule that member states keep 50 percent of reserves with French treasury will be removed. Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo currently use the currency. All the countries - with the exception of Guinea-Bissau - are former French colonies.
A person holds cash in different currencies (file photo).
West Africa to Abandon CFA Franc and Adopt Single Currency - the Eco
This is Africa, 22 December 2019
Eight West African countries have agreed to change the name of their common currency to the Eco finally cutting ties with the CFA franc.The CFA franc, linked to former colonial… Read more »
Eight ECOWAS Members to Cut Links With France's CFA Franc
Premium Times, 22 December 2019
Eight member nations of the Economic Community of West African States (ECOWAS) on Saturday announced their decision to cut their colonial links with France's CFA franc and resolved… Read more »
Statement By the IMF Managing Director On the Reform of West Africa's CFA Franc
IMF, 21 December 2019
Ms. Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), issued the following statement today on the reform of the West African Economic and… Read more »
West Africa Single Currency - a Journey to Nowhere?
This Day, 9 December 2019
Obinna Chima wonders if West African countries can ever meet the target of adopting a single currency in the region, especially with January 2020 no longer achievable Read more »
West African Monetary Union, End of Franc CFA?
This is Africa, 11 November 2019
Since 1945, the CFA franc has been the currency used by French colonies, and the usage of the currency continued after independence. Benin President Patrice Talon revealed that the… Read more »
The ECOWAS commission has adopted the Eco as the single currency to be issued in January 2020. The idea of the single currency for the West African region was first mentioned ... Read more »
See What Everyone is Watching