West African leaders present at a summit in Ghana yesterday unanimously agreed on a new road map to launch a single currency billed to go into full circulation in 2027.
Africa Today News, New York understands that the bloc had earlier planned to launch a common currency this year however, they were forced to postpone the plan due to challenges posed by the coronavirus pandemic which has left most of the economies in the region struggling to breathe.
According to the ECOWAS Commission President Jean-Claude Kassi Brou, the pandemic had upset plans to implement the convergence pact.
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‘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.
The currency, known as ECO aims to replace the CFA Franc used in former French colonies. Proponents of the ECO say it will help countries break dependence and exploitation by on Paris.
But some countries such as Nigeria and Ivory Coast have been accused of dragging their feet on the issue.
The summit also discussed Mali’s political crisis.
The bloc suspended Mali after a coup that toppled the country’s transitional government in late May.
Junta leader Colonel Assimi Goita has since been sworn in as president and activist Choguel Maiga as prime minister.
But the summit did not lift Bamako’s suspension despite noting ‘positive developments’.
AFRICA TODAY NEWS, NEW YORK