Since 2020, Eight countries members of the West African Economic and Monetary Union (UEMOA) have decided to abandon the use of the CFA franc and switch to a single currency – Eco.
This was stated by the President of Côte d’Ivoire Alassan Ouattara at a joint press conference with French President Emmanuel Macron in Abidjan.
According to Anadolu agency, the CFA franc was introduced as a monetary unit of French possessions in West and Equatorial Africa by a decree of the French government dated December 26, 1945.
Ouattara added that eight African countries are breaking technical ties with the Central Bank and the treasury of France, the new currency will be regulated by local structures.
To the President of Côte d’Ivoire, France will withdraw its representatives from the Banking and Financial Policy Commission of the Central Bank of West Africa.
Moreover, the storing of the half of foreign exchange reserves of the former French possessions in Africa at the Central Bank of France was canceled.
“France will continue to be a guarantor country in the case of a crisis. If countries that switched to Eco currency are not able to pay import costs, France will do so and thereby gain the right to return to the commission,” Ouattara said.
The new Eco currency will be used in Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal, Togo and Côte d’Ivoire.
As The Journalist reported, Ukraine must pay USD 24 bln in foreign currency debt in 2020 – 2022.
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