What to expect in the next few days regarding the use of the CFA franc? The question has been tormenting the minds of the populations of WAEMU, since the official announcement of the forthcoming replacement of this currency by the ECO. This Thursday, at a meeting of the National Credit Council of Togo, Sani Yaya spoke on the subject. Togo's Minister of Economy and Finance reassured people about the changes to come.

Officially bringing the information to the National Credit Council of Togo (CNC), Thursday during its last annual meeting, Sani Yaya therefore spoke about the Eco, the future currency of WAEMU. From this intervention, we note that the decision to replace the CFA franc with the Eco will lead to significant changes.

However, the decisions taken in Abidjan on December 21 "do not in any way affect the daily use of the CFA Franc by the populations and businesses of WAEMU", reassured Minister Yaya. While promising better and more open discussions on the subject, Sani Yaya added that the decisions announced by President Alassane Ouattara of the Ivory Coast had been taken “pending the adoption of the single ECOWAS currency”.

This being so, recalls Minister Yaya, the WAEMU authorities wished to “maintain two key pillars of monetary stability in the zone”. He was therefore alluding to maintaining the fixed exchange rate against the euro; and the guarantee of unlimited convertibility of the currency by France.

Monetary sovereignty regained?

On December 21, 2019, in the presence of French President Emmanuel Macron visiting Abidjan, the President announced WAEMU's decision to adopt the Eco, replacing the CFA. For several years, voices have been raised to ask the countries of the CFA zone to break the ice and get out of it.