In June 2019, ECOWAS Heads of State and Government attending the 55th Ordinary Session in Nigeria\’s capital, Abuja approved a decision to adopt and issue a single currency-the ECO- beginning January 2020. Among other things, the move is meant to ensure the promotion and liberalisation of regional trade, as well as the consolidation of the customs union and the creation of a free trade area.
Currently, eight of the 15 ECOWAS countries use the french-backed CFA while the other seven have their own currencies. However, with a combined population of 385 million people, the adoption of a single currency is tipped to boost the region\’s GDP.
But is it going to be all roses and no thorns? Will the adoption of the single currency alter the dim prospects of the region\’s economy for good? what influence will stronger economies have on weaker ones? and most significantly, will the ECO spell doom of France\’s relative influence in West Africa?
