English-speaking ECOWAS countries reject Francophone ‘Eco’ currency

Nigeria and five other English-speaking West African countries
have condemned the decision of their French-speaking counterparts
to unilaterally rename the CFA Franc as ECO by 2020.

Recall reported the decision of the French-speaking ECOWAS
members who have the support of France to adopt the change of
name.

The six countries issued the condemnation at the end of a
crucial extraordinary meeting of their ministers of finance and
governors of their central banks on Thursday. They met in Abuja
under the West African Monetary Zone (WAMZ) on the ECOWAS single
currency programme.

The communique at the end of the meeting was read on behalf of
other member countries by Nigeria’s Minister for Finance, Budget
and National Planning, Zainab Ahmed.

The six countries involved in the meeting are Gambia, Ghana,
Guinea, Liberia, Nigeria and Sierra Leone.

According to the communique, they took note of the declaration
by the Chairman of the Authority of the Heads of State and
Government of the West African Economic and Monetary Union (WAEMU)
on December 21, 2019, to unilaterally rename the CFA Franc as ECO
by 2020.

“WAMZ Convergence Council wishes to emphsize that this action is
inconsistent with the decision of the Authority of the 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 wishes to reiterate the need for all
ECOWAS member countries to implement the decision of the Authority
of the Heads of State and Government towards the implementation of
the revised roadmap of the ECOWAS single currency programme.

“WAMZ Convergence Council would be recommending an extraordinary
summit of the Authority of the Heads of State and Government of the
WAMZ member states will be convened soon to discuss this matter and
other related issues.

Subscribe ToNairalaw News!