A group of fifteen West African countries have adopted a new Road Map to launch a single currency in 2027 after its previous plans were derailed by the Covid-19 pandemic.
The new Road Map was agreed by Heads of States of the Economic Community of West African States (ECOWAS).
The president of the ECOWAS Commission, Jean-Claude Kassi Brou, announced this at a news conference after a summit of the leaders in Ghana yesterday.
The countries are hoping that a single currency will help to boost trade and economic growth.
According to Jean-Claude Kassi Brou, “Due to the shock of the pandemic, the Heads of State had decided to suspend the implementation of the convergence pact in 2020-2021, Brou said.
We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco, he said, referring to the name of the new currency.
Nigeria, the largest economy in West Africa, currently operates a managed float for its currency, while eight others, including Ivory Coast, use the France-backed CFA, which is pegged to the Euro”.
