Six countries of the Economic Community of West African States (ECOWAS) have rejected the ‘eco’ currency adopted by eight mostly francophone countries. Nigeria, Sierra Leone, Ghana, Liberia and Gambia, who are all English-speaking, as well as Guinea, a francophone country, stated their position on Thursday. West African leaders met in June 2019 and agreed to adopt a common regional currency, to be called the ‘eco’ in the early parts of 2020. While some commentators hailed the move as a significant breakaway from French involvement and a step towards monetary independence, others pointed out that the move was largely symbolic and the reforms ‘cosmetic’, as the maintenance of the euro peg will continue to dictate the scope of regional monetary policy decisions.Source: CNBC AFRICA | THE CABLE
More Stories
The Marshall Nature Reserve Gives a Different Glimpse of the Sudanese Capital
The Journey of Moving Tanzanians Around
Correcting Kinshasa’s Commodity Crisis
Can African Leaders Rate Themselves?
First Black African to Win Grand Tour Stage
Financing Dangote’s Fertiliser Dream Tougher than Expected
This is a Moment for the Women of Kenya
US Support in Somalia Couldn’t Have Come at a Better Time
A Symbol of Sudan’s Resistance
Families of Trapped Miners in Limbo
Google Translate Announces an Addition of 10 Languages Spoken in Africa
All Four Tourists Reported Missing in the Fish River Canyon have been Accounted For