ECOWAS Set To Launch ECO Currency in 2020

This weekend at the Economic Community of West African States (ECOWAS) summit in Abuja, Nigeria, leaders from the region announced plans to launch the ‘ECO’ currency in 2020.

The 15-member group also called for structural reforms in recognition of concerns regarding convergence among the states.

Speaking on the plans ECOWAS Chair and President of Niger Mahamabou Issoufou stated that there is “firm political will” to advance plans.

Issoufou confirmed that only the countries that were considered ready in accordance with six convergence criteria would join the single currency at its launch, with others following suit once they meet the requirments.

Within ECOWAS eight countries already share the CFA Franc, namely Bening, Burkina Faso, guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.