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Thursday, January 16, 2020

BREAKING: ECO crisis deepens as Nigeria, other English-speaking countries condemn French-speaking counterparts

Nigeria and five other English-speaking West African countries have condemned the decision of their French-speaking counterparts to unilaterally rename the CFA Franc as ECO by 2020.

The six countries issued the condemnation at the end of a crucial extraordinary meeting of their ministers of finance and governors of their central banks on Thursday. They met in Abuja under the West African Monetary Zone (WAMZ) on the ECOWAS single currency programme.

The communique at the end of the meeting was read on behalf of other member countries by Nigeria’s Minister for Finance, Budget and National Planning, Zainab Ahmed.

The six countries involved in the meeting are Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone.

According to the communique, they took note of the declaration by the Chairman of the Authority of the Heads of State and Government of the West African Economic and Monetary Union (WAEMU) on December 21, 2019, to unilaterally rename the CFA Franc as ECO by 2020.

“WAMZ Convergence Council wishes to emphsize that this action is inconsistent with the decision of the Authority of the Heads of State and Government of ECOWAS for the adoption of the ECO as the name of an independent ECOWAS single currency

“WAMZ Convergence Council wishes to reiterate the need for all ECOWAS member countries to implement the decision of the Authority of the Heads of State and Government towards the implementation of the revised roadmap of the ECOWAS single currency programme.

“WAMZ Convergence Council would be recommending an extraordinary summit of the Authority of the Heads of State and Government of the WAMZ member states will be convened soon to discuss this matter and other related issues.


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