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Following the meeting on thursday, Members of the West African Monetary Zone (WAMZ) strongly condemned the decision by the French-speaking West African states to rename the CFA Franc as “Eco” by 2020.
The issue was raised during the extra-ordinary meeting of the Ministers of Finance and Economy and Governors of the Central Banks of WAMZ in Abuja, Nigeria.
The Minister of Finance in Nigeria, Zainab Ahmed after the meeting on thursday issued a statement concerning the decision of WAMZ, she said that
“the action was 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.”
The member states of the Members of the West African Monetary Zone (WAMZ) includes;
- Sierra Leone.
Moreover, after the meeting, WAMZ issued a communique saying that the “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”.
The announcement came few weeks after the Nigerian Minister of Finance issued a press release concerning the stance of the country on the change of CFA to Eco Currency by Ouattara.
Meanwhile, On 28th December, the Government Ghana through it’s director of communications released a press statement announcing it’s intentions to join UEMOA in the use of Eco currency proposed by ECOWAS.
Moreso, before the declaration by Ghana, President Alassane Ouattara of Ivory Coast, during a visit by French President Emmanuel Macron to Ivory Coast declared the change of CFA Franc (Communuate Financiere d’Afrique) to Eco currency.
The West African Monetary Institute (WAMI/Institute) was set up in Accra, Ghana, in January 2001. It also began operations in March 2001. The Institute is to undertake technical preparations for the establishment of a common West African Central Bank. It will also see to the launching of a single currency for the West African Monetary Zone (WAMZ/Zone).