Since the announcement of the ECO, the future single currency of the 15  ECOWAS member countries, several questions have been on everyone's lips, including the effectiveness of this currency in 2020.
The WAEMU Assembly of Heads of State and Government, held this Friday, July 12 in Abidjan, reaffirmed the gradual approach to the establishment of the ECOWAS single currency, favoring a start in 2020 with countries that meet the convergence criteria. Others can join at a later date.
And this, in accordance with the conclusions of the summit of ECOWAS Heads of State and Government on 29 June in Abuja, Nigeria.
"On the exchange rate, no change in parity should occur between the CFA franc, now ECO, and the Euro, if this new currency should be adopted in 2020, not for only the 8 WAEMU countries. This will not happen immediately. It is a process that can take several years," according to Alassane Ouattara, current President of the WAEMU Conference of Heads of State and Government.
"We consider that this fixed exchange rate vis-à-vis the Euro will serve our economies, control inflation, have the highest growth rates on the continent, improve governance in all sectors and above all ensure the best living conditions for the populations ," he added.
The issue of the exchange rate regime will be put on the table when all 15 ECOWAS member states adopt ECO as their currency.
For the time being, the 8 WAEMU countries are already ready since they all meet all the convergence criteria in 2019, concludes Romuald Wadagni, Beninese Minister of Economy and Finance, who is also President of the WAEMU Council of Statutory Ministers.