CFA franc to be replaced by eco, but initial change is largely symbolic


In depth
Issue 407 - 16 Jan 2020 | 5 minute read
The move by the eight-member Union Economique et Monétaire Ouest Africaine (Uemoa) to end its 55-year-old currency union based on the French-guaranteed CFA franc will have a range of consequences for businesses and political relations. The new eco currency, whose creation was formally announced in Abidjan on 21 December by President Alassane Dramane Ouattara and the visiting French president, Emmanuel Macron, includes some major changes, notably ending control over franc zone institutions by the Banque de France and reducing the guarantee of the French state.

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