West Africa single currency (ECO)

West Africa single currency (ECO)

Aktualno-politična novica
Ecowas
19. 1. 2020 - 12.00

EcowasEcowas

 

The Eco is the proposed name for the common currency that the West African Monetary Zone (WAMZ) plans to introduce in the framework of the Economic Community of West African States (ECOWAS)

In 2020, the region is set to get a long-discussed new currency: the Eco. Many Africans are pleased but there is a lot of work ahead, say experts who insist a rebrand of the old Franc CFA will not do the job.

The region's political and economic union said the rollout of the Eco currency will be gradual with countries meeting the laid-out criteria joining first. Negotiations for the joint currency have been in the works for 30 years.

Fifteen countries in West Africa have agreed to adopt a single currency this year called the Eco. Experts are divided on the impact it would have on the region's economy, especially in the eight-member states which use CFA franc - which is backed by France.

1. Why does West Africa want a single currency?

2. Will it really happen this year?

3. Won't it just be dominated by Nigeria?

 

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