As we know, since the meeting of the Finance Ministers of the Member States of the Community
Economic States of West Africa (ECOWAS), on 17 and 18 June 2019, in Abidjan, the milestones of the
single currency of the Community area, have been laid.
Even if, for the moment, there is no precise agenda, it can be said that as and when the meetings or
Summits of heads of state follow one another, the contours of the single currency are emerging. In doing so, it is necessary
welcome these advances in the project, the validity of which is well established.
Indeed, in addition to ensuring full independence and sovereignty for the member states of
This currency will be a factor in accelerating sub-regional and
ricochet, an indispensable booster of the sub-regional economy.
But we know that this community project does not only have friends. Because, many people see from a
bad eye or are skeptical about the advent of ECO. Among these opponents of the future
ECOWAS single currency, there are some heads of state of the community area.
This is the case of the Ivorian president, Alassane Dramane Ouattara, who has never made a secret of his
attachment to the CFA franc. On December 3, in Dakar, he again maintained his position by recalling
its attachment to a currency pegged to the euro.
To a lesser extent, one can also include on the list of opponents of the ECO, the president
Senegalese, Macky Sall, whose misdirection on the issue hides very badly an embarrassment.
But more formidable than African heads of state are the external opponents of the single currency of
ECOWAS, in this case the former colonial powers, in this case France.
The road is strewn with pitfalls and is still long
Because, it is no secret that the CFA franc remains not only the main instrument
hegemony of the Hexagon on its pre-square, but also an important part of the trading economy that the
France has always maintained with its former colonies.
It is therefore an understatement to say that Macron's country will give itself as many means as it can to multiply the
obstacles on the way to ECO.
Moreover, he has already started by recalling that it would be risky to abandon the CFA franc. But ECO hasn
not just enemies.
The future currency is supported by many heads of state such as that of Niger, Mahamadou Issoufou,
or from Burkina Faso, Roch Marc Christian Kaboré. Better still, the project can count on the support of the powerful Front
anti-CFA of civil society, cornaqué by Kémi Séba.
All in all, we can say that even if we move in the right direction, the path is strewn
of pitfalls and still long. It should therefore not be surprising that the date of implementation
circulation of ECO banknotes.

Indeed, significant efforts remain to be made by the various countries concerned. In addition, despite a rate of
economic growth estimated at 3% in 2018 and projected at 3.4% in 2019, the economies of the sub-region
are negatively impacted by the safety challenge and external shocks.
Many countries have a trade deficit that weighs on the external reserves of their
central banks and which weakens especially exchange rates with the currencies of world reference.
In the sub-region, there are also many States with very high budget deficits with a
impact on their public debts.