ACCRA (Reuters) -A gaggle of fifteen West African nations have adopted a brand new highway map to launch a single forex in 2027 after its earlier plans have been derailed by the coronavirus pandemic.
The brand new highway map was agreed by heads of state of the Financial Neighborhood of West African States (ECOWAS), Jean-Claude Kassi Brou, president of the ECOWAS Fee, instructed a information convention after a summit of the leaders in Ghana on Saturday
The nations hope a single forex will assist to spice up commerce and financial development
“Because of the shock of the pandemic, the heads of state had determined to droop the implementation of the convergence pact in 2020-2021” Brou mentioned.
“We have now a brand new highway map and a brand new convergence pact that can cowl the interval between 2022-2026, and 2027 being the launch of the Eco,” he mentioned, referring to the title of the brand new forex.
Nigeria, the biggest economic system in West Africa, presently operates a managed float for its forex, whereas eight others together with high cocoa producer Ivory Coast, use the France-backed CFA, pegged to the euro.
Fusion Media or anybody concerned with Fusion Media is not going to settle for any legal responsibility for loss or harm on account of reliance on the data together with information, quotes, charts and purchase/promote alerts contained inside this web site. Please be totally knowledgeable relating to the dangers and prices related to buying and selling the monetary markets, it is without doubt one of the riskiest funding kinds doable.