With the reform of the CFA franc for the eight WAEMU countries, an eco indexed to the euro and guaranteed by France is emerging, pending the establishment of the definitive ECOWAS eco, flexible and federal. This gradual and asymmetrical transition is the culmination of the roadmap desired by the Ivorian President Alassane Ouattara and defended by Romuald Wadagni, President of the WAEMU Council of Ministers.

This Sunday morning, Romuald Wadagni has the feeling of accomplishment. At 43, the Beninese Minister of Economy and Finance was one of the linchpins of the reform of the CFA franc signed on Saturday December 21 between France and the Economic and Monetary Union of West African States. (UEMOA), of which he has chaired the Council of Ministers since 2018.

This former Deloitte is part of the team set up by Alassane Ouattara in 2017 to work on this issue and composed of the Ivorian Vice-President Daniel Kablan Duncan, the Secretary General of the Presidency Patrick Achi, the Minister of Oil and former adviser Alassane Ouattara's financier, Abdourahmane Cissé, the state inspector and former chief of staff of Duncan, Theophile Ahoua N'doli, as well as BCEAO governor Tiémoko Koné .

Romuald Wadagni tells Jeune Afrique the details of this reform and its consequences on the adoption of the single currency by the Economic Community of West African States (ECOWAS)

Jeune Afrique: Why is the reform of the CFA franc approved this Saturday historic?

Romuald Wadagni: It's a historic day in substance and form. These agreements date from a very long time ago, they were put in place by the founding fathers of our nations. It is a major reform. Saying that the French are withdrawing from all the governance structures of our currency, that the operations account is closed, that there is no longer any obligation to put part of the reserves: these are important structural elements.

The French participated in our bodies to provide expertise, as happens in any board of directors of a company. Now we are going to reorganize and choose experts who will come from different backgrounds.