Tour de France Stage 4: Reaction NEWS Your e-mail address will not be published. NEWS These Eight countries are - … The nation has a low per capita income and GDP and mostly relies on foreign aid as well as debt relief from the World Bank and IMF. In 2022, the country’s revenue was estimated at $11.63 billion while the per capita income was $800. 01:04 Barely a week after eight mostly French-speaking West African countries announced ditching the CFA franc for the Eco as their common currency in 2020, the region's biggest economy Nigeria says it is studying the situation closely. The 15-nation bloc last year set the goal of creating a single currency, also named the Eco, in 2020.
01:00 It noted the worsening of the macroeconomic convergence and urges member states to do more to improve on their performance in view of the imminent deadline.”Furthermore, the ECOWAS Chairman, President Issoufou Mahamadou of Niger, said the revised roadmap still stipulated that the single currency would be issued in January 2020.“We have not changed that but we will continue with assessment between now and then.“We are of the view that countries that are ready will launch the single currency and countries that are not yet ready will join the programme as they comply with all six convergence criteria.”He also said that there was “a real firm political will” for the region to hastily achieve the single currency. The former colonial power notably hosts half their foreign exchange reserves in exchange for the convertibility of the CFA franc with the euro.Get your free PDF: The 100 most influential Africans, 2019 editionComplete the form for your free download of The Africa Report’s 2019 list of the 100 most influential Africans. 01:04 IOM Receives New Funding to Support Integrated Humanitarian and Recovery Support in South Sudan More info in our
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The extraordinary meeting was under the Chairmanship of Hon. Eight West African countries' decision to change the name of their common currency to the Eco, effectively severs the CFA franc and their monetary links to former colonial power, France. 02:20
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Agriculture and services are the main sources of income for the country, with hefty contributions of 39% and 41% to the national revenue respectively.
01:15 For these non-CFA countries, it is not conceivable that the name “eco” could be associated with a currency that also does not meet the criteria agreed by all in Abuja in June 2019.The Africa Report uses cookies to provide you with a quality user experience, measure audience, and provide you with personalized advertising. 01:00 swap_vert.
Coronavirus - Eswatini: Covid-19 Update (1st September 2020) Also receive offers from The Africa Report. Based in each African country and in each of the largest capitals in Europe, Asia and the Americas. Coronavirus - Libya: COVID-19 Update (1st September 2020) CFA BCEAO Francs. Currency. Each day, get the essential: 5 things you need to know. The relatively low rate of inflation of about 2.9% can be at… Meanwhile Ghana has said it may jump on board the eco because a shared currency would guarantee regional trade flows and the free movement of peoples across the region.The Gambia, Sierra Leone, Liberia and Guinea have not reacted officially to the announcement of a single Eco currency for the region.This news portal is an aggregation of all its news sites powered in real time by a network of correspondents. 01:15
The Eco: Eight West African countries have announced a new common currency "Eco" to end French dominance from the region. NEWS
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