West Africa's CFA Franc 'Colonial-Era Currency' to be replaced by the West African ‘eco’
The CFA franc will disappear from West Africa. Ivorian President Alassane Ouattara announced it on December 21, 2019, "by an agreement with the other UEMOA heads of state, we have decided to reform the CFA franc". The eight countries that use the CFA franc will adopt a new currency which will be called the eco. They are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo.
The currency will be renamed the “eco” next year and French officials will no longer be represented on its governing bodies, Ouattara said. In addition, a requirement that the eco's member states keep half their foreign reserves in France will be rescinded.
C.F.A. stood for the French Colonies of Africa when the then-colonial power introduced the currency in 1945, though it was changed after independence to the Financial Community of Africa. It is seen by many as a relic of “Françafrique,” the unofficial system under which France exerted influence over its former colonies in sub-Saharan Africa long after independence.
“This is a historic day for West Africa,” Mr. Ouattara said in the Ivorian capital, Abidjan.
Eco had already been in the works — but for a different, and larger, the configuration of West African states. Fifteen West African countries were due to introduce a new currency called the Eco in 2020,
This Historic announcement will almost certainly be the End “The Last Colonial Currency in Africa
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