West Africa’s New Currency Plans delayed
Six countries of the Economic Community of West African States (ECOWAS) have rejected the ‘eco’ currency adopted by 8 mostly francophone countries. Nigeria, Sierra Leone, Ghana, Liberia and Gambia, as well as Guinea, said that they were not happy with the proposal. Some commentators hailed the move as a significant breakaway from French involvement and a step towards monetary independence, others pointed out that the move was largely symbolic and the reforms ‘cosmetic’, as the maintenance of the Euro peg will continue to dictate the scope of regional monetary policy decisions.
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