But the political will to do so is not enough — many questions need answers before a new single currency becomes a reality. New ECOWAS head and Niger's president, Mahamadou Issoufou, stressed the importance of sticking to the roadmap to introduce the new currency, but there is still a significant amount of work to do if people are going to be spending ecos in as planned.
The proposed new common currency appears to have found the most support among Francophone countries where the CFA is in circulation. There have been many protests in Senegal currnecy Benin against the CFA franc, which is pegged to the euro.
CFA critics, especially in Togo, see the new West African currency as a way to break free of financial dependence on former colonial power France. Yves Ekoue Amaizo, the director of the Afrocentricity think tank, said the Togolese government's official position is "neither for nor against" the proposed currency.
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A single currency, he said, would lead to savings across the board when it comes to exchange rates and promote unity. The economist added that a political plan will be required to make the eco a stable currency.
There is far less enthusiasm for the new currency in Nigeria — the most populated country in West Africa with around million people. Even in the week before the summit, the subject was not one of public debate. Occasionally you hear it being mentioned among elites," said Eze Onyekpere, head of the Centre for Social Justice in Abuja. He said he is skeptical about the single currency actually Gentlemen club in Lismore a reality in the foreseeable future, "Even to this day, you get the sense that we want to hold onto our naira, cedi, and CFA.
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New African currency: Will the 'ECO' replace the CFA franc?
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