West Africa Plans ECO Currency To Reduce Dollar Dependence By 2027 | Firstpost Africa
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West Africa is striving to introduce a shared currency called the “Eco,” aiming for implementation by 2027. Central bank governors from twelve countries, including Nigeria and Ghana, met in Liberia to accelerate progress. Success could facilitate trade among nearly 400 million people by reducing conversion fees and exchange rate uncertainties. However, economic disparities pose challenges, as countries like Nigeria face inflation and Ghana deals with debt. The launch may need to occur in stages, with only certain countries eligible initially. Currently, the US dollar predominates, complicating the transition to the Eco.See More