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West African regional bloc adopts new plan to launch single currency in 2027

ACCRA (Reuters) -A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus...
West African regional bloc adopts new plan to launch single currency in 2027 © Reuters

ACCRA (Reuters) -A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic.

The new road map was agreed by heads of state of the Economic Community of West African States (ECOWAS), Jean-Claude Kassi Brou, president of the ECOWAS Commission, told a news conference after a summit of the leaders in Ghana on Saturday

The countries hope a single currency will help to boost trade and economic growth

"Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021" Brou said.

"We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco," he said, referring to the name of the new currency.

Nigeria, the largest economy in West Africa, currently operates a managed float for its currency, while eight others including top cocoa producer Ivory Coast, use the France-backed CFA, pegged to the euro.

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29-03-2024 03:44:49 (UTC+7)

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 EUR/USD1.0788↑ Sell
 GBP/USD1.2623↑ Buy
 USD/JPY151.38↑ Sell
 AUD/USD0.6515↑ Sell
 USD/CAD1.3544Neutral
 EUR/JPY163.25Neutral
 EUR/CHF0.9727↑ Sell
 Gold2,244.05↑ Buy
 Silver24.997↑ Buy
 Copper4.0080Neutral
 Crude Oil WTI83.06↑ Buy
 Brent Oil86.89Neutral
 Natural Gas1.752↑ Buy
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật 29-03-2024 03:44:51
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Cập nhật lúc 18:53:18 28/03/2024
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