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).

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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.

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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.

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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.

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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.

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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.

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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.

Source: AfricaCelebrities.com

The post WAMZ Convergence Council Express Concerns On The Adoption of Eco As Single Currency For ECOWAS appeared first on AfricaCelebrities.Com.

About a month ago, AfricaCelebrities.com reported that for the first time, a Head of State from Africa’s CFA currency region has openly spoken about the politically and economically sensitive subject related to the CFA franc that could ruin relationship with colonial master France.

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This was in the person of Benin’s President, Patrice Talon who ordered that his country’s foreign currency reserves colonially deposited in French Central Bank be immediately withdrawn.

And as the saying goes, coming events cast their shadows. Today, the CFA franc will now be renamed the Eco, which is the new currency to be used by member states of ECOWAS.

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Under the new deal struck between ECOWAS and France, this will also involve cutting off some of the financial links between Francophone West African countries and France.

The Economic Community of West African States (ECOWAS) has a combined population of 385 million and was set up in 1975.

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It comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

Eight of these countries use one currency, the CFA franc. Those are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

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As a result of the policy to adopt the Eco, West Africa’s monetary union agreed with France under a deal to ensure that the Eco will remain pegged to the Euro.

The eight African countries for years have had their reserves kept in the French Treasury but they will no longer have to keep 50% of their reserves in the French Treasury.

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There will no longer also be a French representative on the currency union’s board.

For decades Francophone nations in West Africa have had the management of their currency done in France.

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Their financial reserves have always been planned and controlled from France despite gaining independence many years ago.

Source: AfricaCelebrities.com

The post Ecowas Replace CFA Franc With ECO, Cuts Financial Ties With France appeared first on AfricaCelebrities.Com.

ECO, the new currency to be introduced by ECOWAS will not be anything like the CFA Franc.

The president of ECOWAS and Niger, Mahamadou Issoufou, disclosed this in an interview sighted by AfricaCelebrities.com.

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According to the President, the adoption of a unique currency by the 15 member states of ECOWAS will be the end of CFA Franc in 2020. He however remarked that the CFA Franc, which has colonial underpinnings, is still being used by 8 Francophone countries under UEMOA, the Francophone bloc for monetary affairs.

He further added that this monetary reforms in the sub region is aimed at the development of West Africa, job creations, increased investment opportunities among other things.

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Mr. Issoufou concluded by indicating that all the 15 member states of ECOWAS, comprising of the Francophones and Anglophones unanimously agreed to adopt ECO.

Source: AfricaCelebrities.com

The post New ECO Currency To End CFA Franc In Africa- Mahamadou Issoufou appeared first on AfricaCelebrities.Com.