Has the launch of the Eco been delayed by the emergence of virtual currencies? Quartz Africa questions in particular the consequences of cryptocurrency projects in Ghana and Nigeria, which might shower the hope of a common currency in West Africa.
In West Africa, eight currencies are currently in circulation in fifteen countries, details Quartz Africa. Seven French-speaking countries and Guinea-Bissau use the CFA franc. The other seven each have their own motto.
The project of a single currency, the Eco, repeatedly postponed, is still pending. “After multiple postponements (in 2005, 2010 and 2014) following its design in 2003, a viable deadline for the launch of the Eco had been set for January 2020 but, as feared, this never happened ”, deplores Quartz Africa.
A sign of sovereignty
The Eco has definite advantages for the member states of the Community of West African States (ECOWAS). This argues that intraregional trade represents only 11% of the total trade of member countries. She stressed that a single currency would help remove trade and currency barriers, stimulate economic activity and improve the standard of living of the community of 385 million people.
The article especially observes that a single currency is a sign “Independence and sovereignty”. Interviewed by the media, Clément Gbegnon, former risk manager at the West African Development Bank (BOAD), established in Togo, agrees: “There is currently a strong desire in French-speaking West Africa to get rid of the franc CFA, which is considered a colonial relic ”, he says
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