France would like to improve relations with several former colonies in west africa with a better economic cooperation. Part of the work involves a new currency of eight countries.
The new currency will be named ECO and replaces in 2020, the CFA franc, which is the current currency of eight countries in west africa and six countries in central Africa, where several former French colonies.
president of The French republic Emmanuel Macron announced during a visit in côte d’ivoire the new currency in a speech where he also called colonialism of a ‘serious mistake’, writes TV 2.
‘I want to engage France in a historic and ambitious reform of the cooperation between the west african economic and monetary union and our country. We do it for the african youth,’ wrote the Macron on Saturday on Twitter.
According to the côte d’ivoire’s president, Alassane Quattara, are the new currency, a symbol of a future where business relations between the countries will be done without kolonialismens influence.
Frankrings plan to replace the CFA franc, which have been used since 1945, with a new currency is a part of the country’s desire to improve relations with the former colonies.
the Currency is an important part of the work, when the CFA franc was tied up on the French franc and later the euro, giving France a degree of economic control.
With the CFA franc, which is the abbreviation of ‘Colonies Francaises d’Afrique’ and ‘the French colonies in Africa’, it was also a requirement that countries should retain half of their foreign exchange reserves in France. It will not be the case with the new currency, the ECO.