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ECO implementation: 6 W/A English countries unhappy with French counterpart

Ministers of Finance and Governments from the Central Banks of six West African English speaking countries have condemned their French speaking counterparts for unilaterally deciding to rename the CFA France as ECO by 2020.

At the end of a crucial extra-ordinary meeting on Thursday when they met in Abuja Nigeria under the West African Monetary Zone (WAMZ) on the ECOWAS single currency programme, Nigeria’s Minister for Finance, Budget and National Planning, Zainab Ahmed on behalf of the Central Bank Governments and Finance Ministers presented the communiqué. 

Mr.  Mamadi Camara, Minister for Economic and Finance of the Republic of Guinea, who chaired expressed worry by the declaration of His Excellency, Alasane Outtara, chairman of the Authority of Heads of States and Government of the West African Economic and Monetary Union (WAEMU) on 21st December 2019 to unilaterally rename the CFA France as “ECO” by 2020.

The WAMZ Convergence Council emphasised that the action taken by their French speaking counterparts was not in line with the decision of the Authority of Heads of States and Government of ECOWAS for the adoption of “ECO” as the name of an independent ECOWAS single currency.
“WAMZ council reiterates the importance for all ECOWAS member countries to adhere to the decision of the Authority of Heads of States and Government towards the implementation of the revised roadmap of the ECOWAS single currency programme”.

The following Ministers of Finance and Governments of the Central Banks of member states of the West African monetary zone, Mambury Njie  Republic of Gambia Finance Minister, Ken Ofori Atta Ghana, Mamadi Camara Guinea, Samuel D. Tweah Junior Liberia, Zainab S. Ahmed Nigeria, Jacob J. Saffa Sierra Leone were present at the meeting.
Whiles, Mr. Buah D. Saidy senior advisor Central Bank Gambia, Ernest K. Y. Addison Ghana, Lounceny Nabe Governor Guinea, J. Aloyslus Tarlue Junior Liberia, Kelfala M. Kallon Sierra Leone, Godwin I. Emefiele Governor Nigeria attending the meeting. 

Kwaku Sakyi-Danso/

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