A group of fifteen West African countries have adopted a new roadmap to launch a single currency in 2027 after previous plans were derailed by the coronavirus pandemic.
The new roadmap has been agreed upon by the heads of state of the Economic Community of West African States (ECOWAS), Jean-Claude Kassi Brou, chairman of the ECOWAS committee, said at a press conference after a leaders summit in Ghana on Saturday.
Countries hope that a common currency will help 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 roadmap and a new convergence pact that will cover the period between 2022-2026 and 2027, 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 currency for its currency, while eight others, including the top cocoa producer Côte d’Ivoire, use the French-backed CFA pegged to the euro.