The formation of an independent monetary union and the adoption of a regional currency has been a long-term goal for the broader 15-member Economic Community of West African States (Ecowas). 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
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