One currency decided to introduce in several countries of West Africa. This was stated by the head of the Commission of the Economic Community of West Africa (ECOWAS) Jean-Claude Kassi Bru, reports Reuters.
Following the results of the organization’s summit, a new roadmap was adopted, according to which the launch of a single currency in 15 ECOWAS countries will be held in 2027. It is noted that at the moment the eight countries of this region have the West African Franc as a monetary unit, and the rest of the state has its own currencies.
In December 2019, members of ECOWAS and France reached an agreement to change the mechanism of the currency zone of the West African franc. According to her, this currency is renamed to Eco, but remains tied to the euro. West African Frank was introduced in December 1945 in the territory of French possessions in Western and Equatorial Africa.
In 2020, the main foreign exchange strategist Investbank ABSA CIB Mike Kinen called the African currency, which can compete with the dollar. In his opinion, this is South African Rand.