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West African French-Speaking Countries are Changing the CFA Currency to the ECO | Here’s all You Need to Know

BellaNaija.com

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During a visit to Ivory Coast, French President Emmanuel Macron on Saturday announced at a joint news conference with the Ivorian President that France is working towards revamping the CFA franc.

CFA Franc, known as “Colonies Francaises d’Afrique,” was established in 1945.

The currency was initially pegged to the French franc, but has been linked to the euro since 1999.

CFA Franc is used by eight states in West and Central Africa, that is Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.

The revamped currency will be renamed the “ECO” in 2020.

During the news conference, Macron, described colonialism as a “grave mistake and a fault of the republic”.

On his official Twitter, he added that the move to drop the CFA franc is part of France’s plan to rebuild relations with its former African colonies.

I wanted to engage France in a historic and ambitious reform of cooperation between the West African economic and monetary union and our country. We do it for African youth. Let us have the courage to move forward, to build an uninhibited partnership with our partners. With the reform of the CFA Franc, we are taking a big step to write a new page in our relationship with Africa.

President Alassane Ouattara described the adoption of the ECO as a step in building a future free from colonial influence.

He wrote:

The reform of the CFA takes into account our desire to build our future in a responsible manner, in order to attract private investment, create jobs and pursue the economic development of our countries.

1 Comment

  1. Nelly

    December 23, 2019 at 9:57 pm

    Macron, described colonialism as a “grave mistake and a fault of the republic”.
    Fault of which rebublic biko? Hope the doesn’t mean the african countries. This revamp on currency by France not sure how that helps the extoration and oppression this currency has been towards these African nations in. Is there a reason this African nations can’t develop their own currency?

    1

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