No more CFA francs, Cedi or even Naira, from 2020. The future and single currency of all ECOWAS countries will be called “ECO”. This name was chosen before AFRI and KOLA for its meaning, ease of pronunciation, and creativity.

This is one of the main conclusions formulated at the end of the meeting of the ministerial committee on the ECOWAS currency program from 17 to 18 June in Abidjan. Where a flexible exchange rate regime with inflation targeting was also adopted as a monetary policy framework.

However, an agreement could not be found for the symbol. In this respect, it was recommended to deepen the reflections on the symbol associated with the name ''ECO''.

“ The single currency is no longer a technocratic utopia. It is the emanation of a political will to respond to the aspirations of the populations of our community space for more than thirty years now ,” said Adama Koné, Ivorian Minister of Economy and Finance, before his peers.

Before emphasizing that “ this meeting is an opportunity to seize and to give ourselves the means to remove the last obstacles and provide solutions, in order to keep this commitment ”.

Regarding the model of the future central bank of ECOWAS, it was agreed to adopt the Model of the Federal System of Central Banks.

The results of this meeting will be submitted to the Conference of Heads of State and Government scheduled for June 29, 2019. And this conference will make the final choices regarding the fundamental points of the implementation of this single currency.