West African finance ministers inch closer to single currency

West African finance ministers and central bank governors agreed on technical issues surrounding the creation of a single currency for the Economic Community of West African States next year.

"At a ministerial level, we’ve established a roadmap" for the establishment of a new currency, Ivory Coast Finance Minister Adama Kone told reporters Tuesday after the meeting in Abidjan.

The 15-member regional organization has set a target to have a single currency by 2020, following a gradual approach that allows countries to join the monetary union when they meet the convergence criteria.

Ivory Coast and several other French-speaking Ecowas members already share the CFA franc and have done since colonial times, while members including Nigeria and Ghana have their own currencies.

The finance ministers and central bank governors spent two days discussing technical issues including the exchange-rate regime and monetary-police framework before adopting a draft report that will be reviewed by regional heads of state at the end of the month. 

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
16.11
(+0.36)
ZAR/GBP
21.06
(+0.12)
ZAR/EUR
19.06
(+0.35)
ZAR/AUD
11.51
(+0.15)
ZAR/JPY
0.15
(+0.13)
Gold
1908.28
(+0.34)
Silver
24.43
(+0.74)
Platinum
883.01
(+1.60)
Brent Crude
40.81
(-3.00)
Palladium
2335.00
(-0.06)
All Share
54079.43
(-1.48)
Top 40
49560.81
(-1.44)
Financial 15
10503.32
(-1.33)
Industrial 25
74333.65
(-0.17)
Resource 10
50405.50
(-3.24)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
24% - 93 votes
No, I did not.
51% - 198 votes
My landlord refused
25% - 97 votes
Vote