Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

West African regional bloc adopts new plan to launch single currency in 2027

ForexJun 19, 2021 02:15PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

ACCRA (Reuters) -A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic.

The new road map was agreed by heads of state of the Economic Community of West African States (ECOWAS), Jean-Claude Kassi Brou, president of the ECOWAS Commission, told a news conference after a summit of the leaders in Ghana on Saturday

The countries hope a single currency will help to boost trade and economic growth

"Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021" Brou said.

"We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco," he said, referring to the name of the new currency.

Nigeria, the largest economy in West Africa, currently operates a managed float for its currency, while eight others including top cocoa producer Ivory Coast, use the France-backed CFA, pegged to the euro.

 

West African regional bloc adopts new plan to launch single currency in 2027
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
Brighto Emeka
Brighto Emeka Jun 21, 2021 7:13AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
not supported. I'm Nigerian
Marcien Essimi
Marcien Essimi Jun 20, 2021 9:22AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Good Initiative. https://www.afrique-54.com
David David
David9 Jun 19, 2021 9:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bitcoin should become the world's reserve currency... no country controls it that way...
Steffen vdm
Steffen vdm Jun 19, 2021 9:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Which, I think, would be a very good reason for not doing it. One tweet by Musk and half of Africa's wealth is wiped away
Jan Buyle
Jan Buyle Jun 19, 2021 9:41PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bitcoin is thin air, has no real value at all, so: no thx!
Jose Maderno
Jose Maderno Jun 19, 2021 5:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
George Soros says there should be a single currency for the whole world.  Much easier to exert your will over the world that way.   Stable, non corrupt governments and freedom are needed in all regions, not a single currency.
Steffen vdm
Steffen vdm Jun 19, 2021 5:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Please no. Look at EU. Bad financial situation in Mediterranean countries have dragged down the healthy economies of the northern European countries, just because they have a common. That would not have happened if they all had their own currency, spreading risks
Steffen vdm
Steffen vdm Jun 19, 2021 5:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Steffen vdm common currency
Pedro Alves
Pedro Alves Jun 19, 2021 5:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Steffen vdm This was irony.
Brian K Banda
Brian K Banda Jun 19, 2021 4:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
We need a single currency in the entire AU regions
Blessing TJ Emudia
Blessing TJ Emudia Jun 19, 2021 4:50PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
not a bad suggestion though
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email