The Ivorian head of state and his French counterpart announced on Saturday (December 21st) a major reform of the CFA franc. The currency used by the UEMOA countries will change its name to that of the future single currency of Cedeao: the eco. But in the meantime, it is an eco with fixed parity and guaranteed by France that will serve as a transition.
It is the end of an era. The CFA franc (franc of the financial community in Africa) as it was conceived 46 years ago will disappear. The announcement was made on Saturday (December 21st) by Alassane Ouattara and Emmanuel Macron during the French president’s official visit to Côte d’Ivoire. “In agreement with the other heads of state of UEMOA (West African Economic and Monetary Union), we have decided to reform the CFA franc”, announced Alassane Ouattara, in his capacity as president-in-office of UEMOA, which includes Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
In the course of 2020, the eco, the name of the future single currency of the Economic Community of West African States (Cedeao), will be adopted in these eight countries.