The Francophone countries coming together to replace the colonial currency, the CFA Franc with the Eco, may be “a major step forward and a ... positive thing,” says Andrew S. Nevin, Chief Economist, Nigeria Clients and Markets Leader at PricewaterhouseCoopers (PwC). But for Nigeria, the eventual uniformed adoption of the single currency challenges the sovereignty of its naira.
Present in Senegal since 1926, the French group has extended its presence to West Africa. It is particularly targeting energy-related projects. ... But without strong consortiums it will be hard to beat Chinese competitors, it believes.
Of all the legacies of colonialism, one of those which has most hampered economic growth and the alleviation of poverty is fragmentation – ... neighbours with different currencies, regulations enabling trade with Europe but not with other Africans, and a neglect of intra-African transport and infrastructure links to facilitate this trade.
Ghana was the first sub-Saharan African country to ease restrictions when it lifted lockdown measures on 20 April. The country’s Minister of ... Finance Ken Ofori-Atta argued the 21-day lockdown of Ghana’s biggest cities had become financially unbearable for most of the population, a concern that gave the government little choice but to lift the restriction.
On 20 May, the French Council of Ministers passed a bill modifying its monetary agreement with the eight member states of the West African Economic ... and Monetary Union (UEMOA), following the unexpected CFA franc reform announced this past December.