In May 2020 a bill was adopted to change the CFA franc to the Eco and end the centralisation of foreign exchange reserves of the West African states with the French Treasury.
But since the agreement was reached between the French government and eight countries in West Africa- no official plan has come to fruition to this day.
Some say the creation of this common currency for all Ecowas states was purely political, used to silence those who called for the end of one of the last remnants of the French colonial era.
In this episode of Business Africa our guest Ivorian economist Youssouf Carius, Founder and Director of investment group Pulsar Partners, tells us why the Eco has yet to kick off.
_You can watch the interview in the player above. _
We also look at currencies.
From the Libyan Dinar to the Tunisian or even Moroccan currencies and the Malagasy Ariary, to Zambia’s and Malawi’s Kwacha, which one do experts say is the strongest currency in Africa? And which allows its country to import at a lower cost and which has favorable exchange rates?
Finally, we look at Johannesburg where our correspondent Karabo Lethlhatlha met bar managers who are suffering huge losses due to South Africa’s ban on alcohol sales to reduce the spread of Covid- 19.
