Eight ECOWAS members to cut links with France’s CFA franc; adopt “ECO”

Eight member nations of the Economic Community of West African States (ECOWAS) on Saturday announced their decision to cut their colonial links with France’s CFA franc and resolved to adopt ECO as their common currency.

The countries are Benin Republic, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo Republic.

All the countries, except Guinea-Bissau, are former French colonies, and had French CFA franc as their official currencies, which have been linked to the Euro for over two decades.

But, on Saturday the Ivorien President, Alassane Ouattara, announced the decision of the eight countries to jettison the CFA franc as their currency and team up with the ECOWAS to adopt the ECO as their common currency.

The Ivorian President who spoke at a bilateral meeting…

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