The Convergence of the West African Monetary Zone (WAMZ), has today kicked against the decision of eight West African countries to adopt their currency CFA as the new Eco.
The WAMZ made their decision known through a communiqué issued at the end of their extraordinary meeting of the Ministers of Finance and the Governors of the Central Banks.
The meeting which was held in Abuja today was graced by all Ministers of Finance and Central Bank Governors of countries like; Liberia Sierra Leone, Ghana Gambia, Republic of Guinea and Nigeria.
Accordingly, the meeting was centered on a single theme of “Eco currency” the ECOWAS currency program.
The eight African Countries had on 21st Dec. 2019, rename the CFA Franc as Eco.
The decision to rename CFA to Eco was first proclaimed by the President of Cote d’ Ivoire, Alassane Ouattara.
The eight countries are Burkina Faso, Benin, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.
Accordingly, all of the aforementioned African Countries were former French colonies with the exception of Guinea-Bissau.
Eco, as the name implies, connotes the ECOWAS and will be the name of the proposed currency to be used in the West African sub-region.
During the presentation of the communiqué by, Mrs. Zainab Ahmed, the Nigeria Minister of Finance, noted with dismay, describing the decision of Alassane Outtara as putting the cart before the horse, by renaming the CFA to be the Eco.
She added that the meeting noted with concern the declaration by the chairman of the authority of the Heads of States and Government of the West African Economic and Monetary Union on Dec, 21st unilaterally rename the CFA prior to consultations.
Mrs Ahmed disclosed that WAMZ wishes to states that it was not in its collective decision with the Union of the Head of Government of ECOWAS for the adoption of the CFA as the name of the proposed single currency.
“WAMZ Convergence Council reiterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS Authority of Heads of State and Government towards the implementation of the revised roadmap of the ECOWAS single currency programme.” Zainab added.