Business

ECOWAS Finance Ministers, CBN Govs oppose Buhari, other presidents over Eco currency

ABUJA, Nigeria – Nigeria and some other West African countries have kicked against the adoption of Eco as regional currency by President Muhammadu Buhari and others.

Advertisements

This is contained in a communiqué read by Mr Mamadi CAMARA, the Minister for Economy and Finance of the Republic of Guinea in Abuja on Thursday.

The communiqué was issued after an Extra-Ordinary Meeting of the Ministers of Finance and Governors of the Central Banks of the Member States of the West African Monetary Zone (WAMZ).

CAMARA said the meeting noted with concern, the declaration by Alasane Outtarra, Chairman of the Authority of Heads of State and Government of the West African Economic and Monetary Union (WAEMU) on Dec. 21, 2019 to unilaterally rename the CFA Franc as “Eco” by 2020.

“WAMZ Convergence Council wishes to emphasise that this action is not in line with the decisions of the Authority of 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 re-iterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS Authority of Heads of State and Government toward the implementation of the revised roadmap of the ECOWAS Single Currency Programme.

“The WAMZ Convergence Council recommends that an Extraordinary Summit of the Authority of Heads of State and Government of the WAMZ Member States be convened soon to discuss this matter and other related issues,” he said.

According to him, those at the meeting are, Mambury Njie, the Minister of Finance and Economic Affairs, Gambia, and Ken Ofori Atta, Minister of Finance of Ghana.

Others were Samuel Tweah Jr, Minister of Finance and Development Planning Liberia, Zainab Ahmed, Minister of Finance, Budget and National Planning, Nigeria, and Jacob Shaffa, the Minister of Finance, Sierra Leone.

Also in attendance were Mr Buah Saidy Central Bank of Gambia, Ernest Addison Central Bank of Ghana, Louncenry Nabe Central Bank of Guinea and Aloysius Tarlue of Liberia and Godwin Emefiele Central Bank of Nigeria and Kelfala Kallon of Sierra Leone.

Eight West African countries had agreed to change the name of their common currency to Eco, thereby effectively severing the CFA franc’s links to former colonial ruler France.

The countries include Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: