Fifteen West African countries name 'ECO' as planned common currency but economists says the plan is unrealistic
Leaders of the member states of the Economic Community of West African States, known as ECOWAS, formally agreed on Saturday to name a planned common currency the "ECO".
The idea of a common currency for the West African region was first mooted almost 30 years ago in the hope of boosting cross border trade and economic development. It said the currency would be based on a flexible exchange rate regime, coupled with a monetary policy framework focused on inflation targeting.
ECOWAS was set up in 1975 and comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo –– representing a total population of around 385 million.
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