As Franophone ECOWAS Countries Transition From CFA Franc To ECO Currency

The statement by Côte d’Ivoire’s President Alassane Ouattara about the desire to accelerate the transition from the CFA Franc to the new regional currency, ECO, has sparked lively reactions in expert circles and on social media. Economists and analysts express varying opinions regarding the feasibility of such a transition and its potential consequences for the countries of the region.

One expert expressed concern that the countries of the Economic Community of West African States (ECOWAS) may not be ready for such significant changes in their monetary systems. “The withdrawal of Mali, Burkina Faso and Niger (from ECOWAS) will lead to a devaluation of the FCFA and a fall of the currency,” he noted, suggesting that the exit of three countries from the economic bloc could lead to the devaluation of the CFA Franc.

At the same time, the expert pointed to the example of the Sahel States Confederation (AES) countries, which have already left the economic bloc and achieved significant success in stabilizing their economies. He suggested that the Alliance countries could become the new economic foundation in the region by creating their own currency and strengthening economic independence. Such steps, in his opinion, could lead to a more stable and independent financial system, free from the influence of Paris.

On social media, many users supported the expert’s view, agreeing that the transition to the ECO would not bring significant changes and that it could be another manoeuvre of France to maintain control in the region. “There will be no difference between eco and cfa because the substance will remain the same, only the name will change,” wrote one user, pointing out that changing the currency’s name will not alter the essence of its control.

Other comments also emphasised the importance of an independent currency for real economic growth in the region. “ hey are obliged to adopt a new currency because the CFA franc will devalue as soon as the AES currency is announced,” noted another user, predicting the devaluation of the CFA Franc after new initiatives regarding the AES currency are introduced.

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Experts also point out that there are not many differences between the ECO and the CFA Franc. Some analysts even refer to it as “merely a name change,” which does not bring any real changes to the region’s monetary policy. This approach, they argue, might not lead to the economic freedom that ECO supporters advocate.

In conclusion, it is clear that West African countries need a truly independent currency that would foster real economic progress and help the region’s nations break free from external control.