Guinea opts out of ECOWAS single currency, retains franc
By Nkiruka Nnorom with agency report Guinea has become the first member of the Economic Community of West African States (ECOWAS) to formally opt out of the planned West African single currency, the eco, opting instead to retain its national currency, the Guinean franc.
ECOWAS has spent more than two decades pursuing the launch of a single currency to promote intra-regional trade, reduce transaction costs and deepen economic integration across West Africa.
The initiative also includes the establishment of a West African Central Bank and a new framework for regional monetary policy.
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