International Monetary Fund (IMF) Managing Director Kristalina Georgieva has welcomed the end of the use of a long-disputed currency tied to French colonialism in West Africa.
French President Emmanuel Macron and Ivorian President Alassane Ouattara announced that France and the West African Economic and Monetary Union will replace the CFA franc with a new currency called the "eco."
During a three-day visit to Côte d'Ivoire, Macron told reporters that the reform was "a big step to write a new page in our relationship with Africa" and called colonialism "a grave mistake." "In recent years, the WAEMU has recorded low inflation and high economic growth, the fiscal situation has improved, and the level of foreign exchange reserves has increased."
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