West African Nations Adopts ECO As Name Of Single Currency

Must Read

African Tribe: The Dinka People Of South Sudan

The Dinka are a pastoral-agricultural people that make up the largest ethnic group in South Sudan. They vary their...

For The First Time, Married Women In Botswana Can Own Land Alongside Their Husbands

Married women in Botswana can for the first time be allocated state land even if their husbands already have...

Slave Brokerage: How Early U.S. Newspapers Facilitated The Sales And Purchase Of Slaves

In the earliest history of US stock brokerage, one stock stood out both in nature and the revenue it...



The Authority of ECOWAS Heads of State and Government on Saturday adopted ECO as the name of the single currency to be issued in January 2020.

West African Nations Adopts ECO As Name Of Single Currency

The leaders at their 55th Ordinary Session in Abuja endorsed the name while congratulating the Ministerial Committee on the Single Currency for the considerable progress recorded in the implementation of the revised roadmap.

Nigeria’s Permanent Secretary, Ministry of Foreign Affairs, the Authority instructed the ECOWAS Commission to work in collaboration with West African Monetary Agency.

The leaders also instructed the commission to work with West African Monetary Institute and the central banks to accelerate the implementation of the revised roadmap with regard to the symbol of the single currency.

The Authority also directed the commission and the central banks to accelerate the operation of the Special Fund for financing of programmes in the revised Roadmap for the ECOWAS Single Currency Programme.
“It further directs the commission to ensure implementation of the recommendations of the meeting of the ministerial committee held in Abidjan on June 17 and June 18 as well as preparation and implementation of the Communication Strategy for the single currency programme.

“The Authority takes note of the 2018 macroeconomic convergence report. It noted the worsening of the macroeconomic convergence and urges member states to do more to improve on their performance in view of the imminent deadline.”

Furthermore, the ECOWAS Chairman President Issoufou Mahamadou said the revised roadmap still stipulated that the single currency would be issued in Jan. 2020.

“We have not changed that but we will continue with assessment between now and then.

Related:   Two African Writers Shortlisted For The 2020 Booker Prize

“We are of the view that countries that are ready will launch the single currency and countries that are not yet ready will join the programme as they comply with all six convergence criteria.”
He also said that there was “a real firm political will” for the region to hastily achieve the single currency.

Dangerous for region’s economies?

Economists say they understand the thinking behind the currency plan but believe it is unrealistic and could even be dangerous for the region’s economies which are dominated by one single country, Nigeria, which accounts for two-thirds of the region’s economic output.

ECOWAS was set up in 1975 and comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo –– representing a total population of around 385 million.

Related:   Two African Writers Shortlisted For The 2020 Booker Prize

Eight ECOWAS countries –– Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo –– currently use the CFA franc.
They are moored to the single European currency and are gathered in an organisation called the West African Monetary Union, or WAMU.
But the seven other ECOWAS countries have their own currencies, none of them freely convertible.



Uzonna Anele
Anele is a web developer and a Pan-Africanist who believes bad leadership is the only thing keeping Africa from taking its rightful place in the modern world.

Leave a Reply

Subscribe to receive email updates

With a subscription profile, you automatically receive updates without having to return to the website and check for changes

Just In

African Tribe: The Dinka People Of South Sudan

The Dinka are a pastoral-agricultural people that make up the largest ethnic group in South Sudan. They vary their...

For The First Time, Married Women In Botswana Can Own Land Alongside Their Husbands

Married women in Botswana can for the first time be allocated state land even if their husbands already have an allocation of their own,...

Slave Brokerage: How Early U.S. Newspapers Facilitated The Sales And Purchase Of Slaves

In the earliest history of US stock brokerage, one stock stood out both in nature and the revenue it generated – humans. The more...

Two African Writers Shortlisted For The 2020 Booker Prize

Two African Authors — Zimbabwe's Tsitsi Dangarembga and Ethiopian's Maaza Mengiste — have been shortlisted for the 2020 Booker Prize for Fiction.

Dr. John Emeka Akude: Nigerian Makes History As The First Black Elected Member Of Cologne City Council In Germany

A Nigerian has made history as the First black man to be elected member of Cologne’s City Council in Germany. Dr. John Emeka Akude, a...

More Articles Like This