Photo source: TRT World
West African leaders present at a summit in Ghana on Saturday agreed on a replacement road map to launch one currency in 2027. The bloc had planned to launch a standard currency this year but postponed the plan thanks to challenges posed by the coronavirus pandemic.
ECOWAS Commission President Jean-Claude Kassi Brou said the pandemic had upset plans to implement the convergence pact.”We have a replacement road map and a replacement convergence pact which will cover the period between 2022-2026, and 2027 being the launch of the eco,” he said.
The currency, referred to as ECO, aims to exchange the CFA Franc utilized in former French colonies. Proponents of the ECO say it’ll help countries break dependence and exploitation on Paris. But some countries like Nigeria and Ivory Coast are accused of dragging their feet on the difficulty. The summit also discussed Mali’s political crisis.
Data source: Africa news
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