Finance and economic ministers and central bank governors in West Africa, including Ghana's Mr Ken Ofori-Atta and Dr Ernest Addison, have taken issue with the recent renaming of the common currency for member countries in the Francophone zone to Eco.
They described the action as a "unilateral" decision that was outside the requirements for the adoption of a proposed common currency for the sub-region, reports Graphic Online’s Maxwell Adombilla Akalaare.
In a communique issued Thursday, January 16 after an extraordinary meeting in Abuja, Nigeria, the Convergence Council of the West Africa Monetary Zone (WAMZ) said it was "concerned" by the December 21, 2019 declaration by Ivorian President, Mr Alasane Outtarra, that the CFA had been renamed Eco -- the proposed single currency that has eluded the ECOWAS region since 1990.
"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 the ECOWAS single currency," the communiqué said.
It was signed by the six finance and economic ministers and the six central bank governors from the six member countries of the WAMZ.
The communiqué also called for an extraordinary meeting of the Authority of Heads of State and Government of WAMZ Member States to be conveyed "soon to further discuss this matter and other related issues."
The communiqué is the first action by Anglophone West Africa to the decision by some of their Francophone peers to rename their currency the Eco.
The announcement by Mr Outtarran in December last year said the change of name would take effect January this year.
Source: Daily Graphic
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Let us critically look into the European experience in terms of the criteria and its related issues that went into the establishment of the common currency EURO. The Nigerian Economy is the biggest in West Africa and you might want to liken it to the responsible role Germany had to play in the European Monetary Union. Likewise, Ghana and Ivory Coast with respect to the strength of their economies and the responsible role they might have to play in the ECO-Zone. The bottom line is, are these member state Countries well prepared enough and are aware of the responsibilities ahead. The case in point is the bailout example of the Greek example and how the weak members like Portugal etc. were helped to meet the convergence-criteria. I'm a layman, but I believe, the reaction of the Francophones pushing CFA as a common denominator for the ECO is an attempt to help the weaker CFA-Zone members.
The Francophones are only being smart! What has our Anglophone been doing all these while? I thought by now both Anglophone and Francophone countries would have agreed on the necessary modalities to introduce the common currency (ECO) in the sub-region long ago? The Anglophone countries have been delaying the process and it took the strong will of the Ivorien president to lead the way. You guys should all get to the table and do something good for your people in the subregion! by introducing the ECO across the West African subregion! Time waits for no man!
you better use your Ghana cedi
Well, that is an action that brings me back to doubt if Africans can still manage their own affairs without our Colonial Masters'subverting to maintain the status quo. If CFA is backed by Euro through Francophones' relations to France, then, it is strategically prudent for France to support its allies to put the cart before the horse. Let us see how this stabbing in the back for the ECOWAS would be resolved by the member States, the West African nations themselves.
France President is behind this wicked move. France has always been hiding behind the scene trying to prevent the progress of black Africans but they always pretend to be nice. How could the Francophone countries act in bad faith in such a shameful way if they had no backing from the powers that be?