Ivory Coast’s President Alassane Ouattara has said that the plans to launch Eco, a common currency for West Africa, will take at least a minimum of five years. “We know the eco cannot be put in place this year because of COVID-19,” Ouattara told journalists during a visit to the city of Bouafle.
He said talks on the eco were held in Niger on Sept 7., where countries vowed to work on achieving the agreed criteria for the currency’s launch, including national budget deficits at or below 3% of gross domestic product.
“We think it will be difficult to get to a 3% deficit for two or three years, so personally I don’t see the eco’s arrival for three to five years,” he said.
The Eco is the proposed name for the common currency that the West African Monetary Zone (WAMZ) plans to introduce in the framework of the Economic Community of West African States (ECOWAS). This objective is to create a common currency for all West Africa states.
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