West Africa: To Forlet CFA Franc and take by Choice Single Currency – the ECO
By Abdul Rahman Suagibu – NEW AFRICA DAILY NEWS, Freetown, Sierra Leone- Eight West African countries have yielded assent to replace the name of their common currency to the ECO officially scissoring ties with the CFA Franc. The CFA Franc, linked to erewhile colonial ruler France has always been condemned for its representation of neo-colonialism. From 1945, the CFA Franc has been the currency been utilized by French colonies, and the usage of the currency continued after independence. Reports portend that, the ECO will still be a fixed exchange rate to the Euro but the rule that member states keep 50% of reserves with French treasury will be removed, the French representative on the board of regional central bank will be removed, giving autonomy to the body. Commenting on the...
Posted On 24 Dec 2019






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