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Economy - Foreign - News - Thematterspress - December 23, 2019

Francophone West Africa abandon CFA Franc for Eco


CFA Franc

Ahead of 2020 deadline for the adoption of a single currency in West Africa, eight French speaking countries are dumping CFA Franc.

Ivorian president Alassane Ouattara on December 21st said changes will take place to the CFA franc, a currency tied to the euro.

The is following an agreement between France and the West African Economic and Monetary Union.

The CFA franc, which is denounced by many as a colonial hangover, will be renamed ECO, the official name of ECOWAS single currency.

The agreement cancels a necessity to keep 50% of reserves in the French treasury.

France’s president on who was told of the decision on December 21st said France was often viewed as holding a “hegemonistic view” calling colonialism a “grave mistake and a fault of the Republic”.

During his visit to Ivory Coast, which houses troops of former colonial power France, Macron urged “turning the page” on the past.

Macron, in an interview in 2017, has apologised for France’s colonisation of Algeria, calling it a “crime against humanity.”

French Presido Emmanuel Macron don announce say eight West African kontries wey dey use CFA franc as moni go begin use ECO as di new currency starting from year 2020.

Di West African CFA franc wey pipo sabi as ‘franc cefa’ na di legal currency for Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

Di French goment bin introduce di CFA franc to dia colonies for West Africa for 1945 and na dis same currency wey get links to di former colonial masters for France, dis West African kontris still dey use until now.

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