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6 African countries concern over changing CFA to Eco

Jan 22, 2020, 2:19 PM | Article By: Momodou Jawo

(Issued Monday 21 January 2020)

An Extra-Ordinary meeting of the Ministers of Finance and Economy and the Governors of Central Banks of the member States of the West African Monetary Zone (WAMZ) Convergence Council was recently held in Nigeria under the chairmanship of Hon. Mamadi Camara, Minister for Economy and Finance of the Republic of Guinea.

The WAMZ members during the convergence expressed concern over unilateral renaming the CFA to ECO.

In a joint communiqué which was accessed by The Point, the WAMZ members stated: “While we applaud the decision to delink the CFA, the meeting noted with concern, the declaration by His Excellency, Alasana Outtarra, chairman of the Authority of Heads of State and Government of the West African Economic and Monetary Union (WAEMU) on December 21, 2019 to unilaterally rename the CFA Franc as Eco 2020.”

“Therefore, the WAMZ Convergence Council wishes to emphasise that this action is not in line with the decisions 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.”

“WAMZ Convergence Council re-iterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS Authority of Heads of State and Government towards the execution of the revised roadmap of the ECOWAS Single Currency Programme.”

It further added: “The WAMZ Convergence Council recommends that an Extraordinary Summit of the Authority of Heads of State and Government of the WAMZ member states be convened soon to further discuss this matter and other related issues.”

The convergence was attended by the Finance minister of Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone including its Central Bank officials.