ACCRA (Reuters) – A group of fifteen West African countries have adopted a new roadmap to launch a single currency in 2027 after their previous plans were derailed by the coronavirus pandemic.
The new roadmap was approved by the heads of state of the Economic Community of West African States (ECOWAS), Jean-Claude Kassi Brou, chairman of the ECOWAS Commission, told a news conference after a summit of leaders in Ghana on Saturday
Countries hope that a single currency will help increase trade and economic growth
“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021,” Brou said.
“We have a new roadmap and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco,” he said, referring to the name of the new currency.
Nigeria, the largest economy in West Africa, currently manages a managed float for its currency, while eight others, including the world’s largest cocoa producer in Côte d’Ivoire, use the French-linked CFA, linked to the euro.
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