West African leaders to launch single currency ECO in 2027

*The countries’ leaders at a summit said the earlier plan to launch a common currency this year was postponed due to challenges resulting from the Coronavirus pandemic

Emmanuel Akosile | ConsumerConnect

As a measure aimed at helping the countries in the bloc to break dependence on and exploitation by Paris, the West African leaders at a summit Saturday, June 19, 2021, in Ghana, noted there is  a unanimous agreement to lay down a new roadmap to launch ECO, a single currency, in 2027.

It was learnt the plan to launch a common currency this year was postponed due to challenges posed by the damaging Coronavirus (COVID­-19) pandemic.

Jean-Claude Kassi Brou, President of ECOWAS Commission, disclosed that the pandemic had upset plans to implement the convergence pact.

Brou stated: “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.”

The currency, known as ECO, aims to replace the CFA Franc used in former French colonies.

It is also noted that proponents of the ECO hold that the common currency will help countries to break dependence and exploitation by Paris (capital of France).

The summit enabled participants to discuss the slow pace of countries, such as Nigeria and Ivory Coast, on the issue of following and implementing as well as discussing the Mali’s political crisis.

The bloc suspended Mali after a coup that toppled the country’s transitional government late May.

Junta leader, Colonel Assimi Goita has since been sworn in as President and activist Choguel Maiga as Prime Minister.

Aside from these issues, the summit did not lift Bamako’s suspension despite noting ‘positive developments’.

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