New Currency “Eco” to Replace West Africa’s CFA franc

Ena   December  23/2029 West Africa’s monetary union has agreed with France to rename its CFA franc to the Eco from next year, according to Reuters.
Accordingly, the new currency Eco will remain pegged to the euro but the African countries in the bloc will not have to keep 50 percent of their reserves in the French Treasury and there will no longer be a French representative on the currency union’s board.

“This is a historic day for West Africa,” Ivory Coast’s President Alassane Ouattara said during a news conference with French President Emmanuel Macron in the country’s main city Abidjan.

“Yes, it’s the end of certain relics of the past. Yes its progress ... I do not want influence through guardianship; I do not want influence through intrusion. That’s not the century that’s being built today,” said French President Emmanuel Macron.

The CFA which stood for “Colonies Francaises d’Afrique” (French Colonies in Africa) in 1945 and it stands for “Communaute Financiere Africaine” (African Financial Community) now is used in 14 African countries with a combined population of about 150 million and 235 billion USD of Gross Domestic Product (GDP).