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West African nations to launch single currency in 2027

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Head of States of the Economic Community of West African States (ECOWAS) have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic.

The new road map was agreed by heads of state of the 17-member regional economic bloc, according to Jean-Claude Kassi Brou, President of the ECOWAS Commission at a news conference after a summit of the leaders in Ghana on Saturday

The countries hope a single currency will help to boost trade and economic growth

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“Due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021” Brou said.

“We have a new road map and a new convergence pact that will cover the period between 2022-2026, and 2027 being the launch of the Eco,” he said, referring to the name of the new currency.

Nigeria, the largest economy in West Africa, currently operates a managed float for its currency, while eight others including top cocoa producer Ivory Coast, use the France-backed CFA, pegged to the euro.

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