West Africa’s New Currency Plans Hit a Snag

Six countries of the Economic Community of West African States (ECOWAS) have rejected the ‘eco’ currency adopted by eight mostly francophone countries. Nigeria, Sierra Leone, Ghana, Liberia and Gambia, who are all English-speaking, as well as Guinea, a francophone country, stated their position on Thursday. West African leaders met in June 2019 and agreed to adopt a common regional currency, to be called the ‘eco’ in the early parts of 2020. While some commentators hailed the move as a significant breakaway from French involvement and a step towards monetary independence, others pointed out that the move was largely symbolic and the reforms ‘cosmetic’, as the maintenance of the euro peg will continue to dictate the scope of regional monetary policy decisions.Source: CNBC AFRICA | THE CABLE