Several African countries in the Ecowas have taken the decision to join their forces. They began with the most important, the creation of a single currency. Scheduled to be in circulation by 2020, the ECO, the currency, is facing some resistance. .
The collective “Get out of the FCA franc”, through a press release, calls on ECOWAS to postpone the exit of the Eco for 2020. It calls for a postponement of the introduction of the single currency as it could be sloppy. The group doubts the ability of leaders to set up a currency so quickly.
“Calling for the implementation of the ECOWAS single currency to be postponed in recent days, more and more voices have been raised to denounce Eco, the future common currency of ECOWAS (Economic Community of West African States). According to its critics, it is a compliant copy of the FCA franc. We agree with that. At the contrary, the creation of this single currency could be a major political event towards the integration of the economies of our different countries and would deal a fatal blow to the CFA franc. Therefore, we are providing our full support to this project despite the many imperfections it may contain.
However, we have serious doubts about the ability of our leaders to create a Community currency in such a short period of time. Despite the promises made by the heads of state of the Ecowas Countries, we remain convinced that it is utopian to believe that this currency can be created in 2020 under good conditions. No strategy, no sensible roadmap and no Head of State within the Ecowas embodies this project sufficiently for it to succeed so quickly.It is the case inTogo, Niger and Gold Coast. It is hard lying that these Heads of State could embark on a project of this magnitude seing their low level of popularity in their respective countries. The haste imposed by this unrealistic delay risks botching the establishment of a single currency within the Ecowas. We therefore solemnly ask our leaders to postpone this ambitious and salutary project and to propose a timetable that will allow people and civil society to be involved in the debates necessary for the implementation of the Eco.”