The adoption of the Eco by seven francophone countries and Guinea Bissau of the Economic Community of West African States (ECOWAS) has been rejected the Convergence Council of the West African Monetary Zone (WAMZ), which met on Thursday in Abuja.The meeting of the WAMZ announced this development in a communique issued at the end of the extraordinary meeting of the Ministers of Finance and Governors of the Central Banks of the zone.
The meeting, which was attended by the Ministers of Finance and Central Bank Governors from The Gambia, Ghana, Republic of Guinea, Liberia, Sierra Leone, and Nigeria, said in the communique that an extraordinary general meeting of ECOWAS Heads of State and Governments in the West African Monetary Zone was recommended to be convened to discuss the matter.
“The meeting notes with concern, the declaration by the Chairman of the Authority of the Heads of State and Government of the West African Economic and Monetary Union on December 21, 2019, to unilaterally rename the CFA Franc as Eco by 2020,” the communique said.
“WAMZ convergence council wishes to emphasise that this action is not in line with the decision 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.
“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,” the communique added.
It will be recalled that on December 21, 2019, eight countries namely Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo, announced the adoption of the ECO from the CFA Franc through their union, West African Economic and Monetary Union.