West Africa’s 15-nation bloc has a new plan to introduce its long-time dream of a single currency after several delays, most recently due to the coronavirus pandemic. The 15-nation Economic Community of West African States (ECOWAS) on Saturday announced 2027 as the new date to launch its single currency, A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic.
Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020–2021,” Brou told journalists after a leader’s summit in Ghana.
The concept of the single currency, which is aimed at boosting cross-border trade and economic development, was first raised in the bloc as early as in 2003. However, the plan was postponed in 2005, 2010, and 2014 due to the economic pressure on some of the ECOWAS member states, and political instability in the likes of Mali.
Nigeria, West Africa’s largest economy, currently uses a managed float for its currency, with eight others, including top cocoa producer Ivory Coast (Côte d’Ivoire) operating the France-backed, euro-pegged CFA (which stands for Communauté Financière d’Afrique, or Financial Community of Africa).
In 2019, Ivorian President Alassane Ouattara announced that the CFA franc would be renamed the eco. The move provoked a widespread public backlash from English-speaking members of the bloc.
