The West African Bloc (ECOWAS) has suspended a plan to adopt a common currency until 2027.
The bloc originally intended for the “Eco” to launch in 2020, but according to ECOWAS president, Dr. Jean-Claude Kassi Brou, the group delayed things because of the coronavirus pandemic and its aftershocks.
“We have a new road map and the new convergence path that will cover the period of 2022 to 2026, “Brou said in a statement. “2027, that will be the launching of the Eco.”
ECOWAS has been pursuing a common currency project for more than two decades to help remove trade barriers, ease the cost of doing business, and boost economic growth in a region of more than 380 million people.
Within the bloc, eight countries that already share the CFA franc have started reforms of their own ahead of the wider currency project.
Story compiled with assistance from Bloomberg News
Follow our socials Whatsapp, Facebook, Instagram, Twitter, and Google News.
