Six English-speaking countries of the Economic Community of West African States (ECOWAS) has rejected the recently introduced Eco currency adopted by eight francophone countries in the sub-region.
The countries adopted the currency through their union, West African Economic and Monetary Union.
The countries reached their decision at a council meeting of finance ministers and central bank governors.
The rejection was contained in a communique read at the end of the meeting 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.
The communique said fhey 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.