The Government adopted on Wednesday, January 6, 2021, during the 1st Council of Ministers 2021, a bill authorizing the President of the Republic to ratify the monetary cooperation agreement between the governments of the member states of the West African Monetary Union (WAMU) and the France, as part of the implementation of the 'Eco' single currency in the West African region.

According to the government spokesman, Sidi Touré, this monetary cooperation agreement aims to preserve in particular the key economic parameters of Community stability and resilience of the WAMU currency, namely the fixed parity with the Euro and the support provided by the guarantee of the France.

"On the other hand, it puts an end to the centralisation of foreign exchange reserves in the operating account as well as the presence of the France in the Governance Bodies of the Union," said the Minister of Communication and Media, at the presidential palace.

The President of the Assembly of Heads of State and Government of the West African Economic and Monetary Union (WAEMU), Alassane Ouattara, announced, on December 21, 2019 in Abidjan, the establishment of the bases for their membership of the Eco in the eight WAEMU countries, a major step forward in the economic and monetary integration of the Union, he added.

The ratification of this agreement will, among other things, improve trade between WAEMU member countries, strengthen the stability and resilience of economies and boost strong, sustainable and inclusive growth in the sub-region, said Mr. Sidi Touré.

"We are going, step by step, resolutely towards the establishment of the Eco, under the leadership of the President of the Republic, Alassane Ouattara," said the spokesman of the Ivorian government.

This monetary agreement was approved by the Minister of Finance of Benin and current President of the WAEMU Council of Ministers, Romuald Wadagni, and the French Minister of the Economy, Bruno Le Maire, on 21 December 2019, during a state visit by the French President to Abidjan.