Already, AfricaCelebrities.com reported that the CFA franc will be renamed Eco– which is the new currency to be used by member states of Economic Community of West African States (ECOWAS).
Under the deal struck between ECOWAS and France, the move will also involve cutting off some of the financial links between Francophone West African countries and France.
However, at an extraordinary meeting of Ministers of Finance and Economy and Governors of Central Banks of West Africa Monetary Zone (WAMZ) member states, it seems the move to rename the CFA franc to Eco was rushed.
A statement from the meeting indicates that members present at meeting expressed concern at this new development. The statement reads as follows:
EXTRA-ORDINARY MEETING OF THE MINISTERS OF FINANCE AND THE GOVERNORS OF THE CENTRAL BANKS OF THE WEST AFRICAN MONETARY ZONE ON THE ECOWAS SINGLE CURRENCY PROGRAMME
JANUARY 16, 2020
1 An Extra-Ordinary Meeting of the Ministers of Finance and Economy and Governors of Central Banks of the Member States of the West African Monetary Zone (WAMZ) Convergence Council was held on January 16, 2020, in Abuja, Nigeria, under the Chairmanship of Honourable Mamadi CAMARA, Minister for Economy and Finance of the Republic of Guinea.
2. The Meeting noted with concern, the declaration by His Excellency Alasan Outtar, Chairman of the Authority of Heads of State and Government of the West African Economic and Monetary Union (WAEMU) on December 21, 2019 to unilaterally rename the CFA Franc Eco” by 2020.
3. WAMZ Convergence Council wishes to emphasize that this action not in line with the decisions of the Authority of Heads of State and Government of ECOWAS for the adoption of the “Eco” as the name of an independent ECOWAS Single Currency.
4. WAMZ Convergence Council reiterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS Authority of Heads of State and Government towards the implementation of the revised roadmap of the ECOWAS Single Currency Programme.
5. The WAMZ Convergence Council recommends that an Extraordinary Summit of the Authority of Heads of State and Government of the WAMZ Member States be convened soon to discuss this matter and other related issues.
6. Present at this Meeting, were the under-mentioned Ministers of Finance and the Economy and Governors of Central Banks of the member States of the West African monetary Zone:
Hon. Mambury Nse, Minister of Finance and Economic Affairs, Republic of The Gambia Hon. Ken Ofori Atta, Minister of Finance of the Republic of Ghana, Hon. M adi CAMARA, Minister of Economy and Finance of the Republic of Guinea Hon. Samuel D. Twah, Minister of Finance and Development Planning of the Republic of Liberia, Hon. Zainab S. Almed, Minister of Finance, Budget and National Planning of the Federal Republic of Nigeria.
Hon. Jacob Salta, Minister of Finance of the Republic of Sierra Leone Mr Buah D. Saldy, Senior Advisor, Central Bank of The Gambia Govemor Emest K. Y. Addison, Bank of Ghana Governor Lounceny Nabe, Central Bank of the Republic of Guinea, Governor Aloysius Tartue Jr., Central Bank of Liberia Governor Godwin I. Emefele, Central Bank of Nigeria and Governor Kelfala M. Kallon, Bank of Sierra Leone.
Done in Abuja, Nigeria on this 1 Day of January, 2020: Convergence Council of the WAMZ.