A single currency was decided to be introduced in several countries in West Africa. This was stated by the head of the Commission of the Economic Community of West African States (ECOWAS), Jean-Claude Cassi Bru, reports Reuters.
As a result of the summit of the organization, a new roadmap was adopted, according to which the launch of a single currency in 15 ECOWAS countries will take place in 2027. It is noted that at the moment, eight countries in this region have the West African franc as a monetary unit, and the remaining states have their own currencies.
In December 2019, the members of ECOWAS and France reached an agreement to change the mechanism of the currency area of the West African franc. According to it, this currency is renamed eco but remains pegged to the euro. The West African franc was introduced in December 1945 on the territory of the French possessions in West and Equatorial Africa.
In 2020, the chief currency strategist of the investment bank Absa CIB, Mike Keenan, called the African currency that can compete with the dollar. In his opinion, this is the South African rand.