“It was during an official visit to Ivory Coast in December 2019 that they (President Macron and French West African leaders) announced a historic reform of monetary cooperation that was to lead to the end of the CFA franc.
The text validates the transition of the CFA franc – used by eight French West African countries – to become the newly mooted Eco, a currency to be adopted by the entire West African bloc, ECOWAS.
In concrete terms, the Central Bank of West African States will no longer have to deposit half of its foreign exchange reserves with the Bank of France.
About the twin CFAs
The CFA franc, its initials come from the French words for African Financial Community, was launched on December 26, 1945 as a “franc of the French colonies of Africa.”
Eight countries comprise the West African Monetary Union (WAMU), Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.
