The President of Nigeria, Muhammadu Buhari, has expressed concern over the feasibility of the regional ECO currency, saying that countries are now at a crossroads with this project.
Mr. Buhari brandished the risk of dislocation of the ECOWAS in case of unilateral adoption of the Eco by the West African Economic and Monetary Union (UEMOA), dominated by the former colonies of France.
Abuja deplores lack of confidence which prevails in the discussions leading to a joint adoption of the new currency planned for the whole of the Economic Community of West African States (ECOWAS).
Last February Nigeria made a request for prolongation of deadline for launching the single currency. Abuja also wants “the convergence criteria” (the economic conditions to be met by all members) to be met by the majority of countries.
“This is a problem between Francophones and Anglophones “, explains Djibrin Ibrahim, professor of political science at the University of Abuja. “But there is also a second problem, these are the criteria, conditions and principles announced for the establishment of this new currency. Most West African countries fail to meet these conditions which are very demanding and difficult “, he adds.
Nigeria’s request is not unanimous between the leaders of the UEMOA zone who, under the leadership of the Ivorian president, Alassane Ouattara, seem not to want to backtrack on their desire to adopt the Eco to replace the CFA Franc . An adoption expected in principle during the second half of 2020.
“Be cautious and follow the process ensuring credibility, sustainability, prosperity and sovereignty“, said President Buhari. “We cannot make fun of ourselves by entering into a union that will not survive for long. We must be clear and unequivocal on our position regarding this process”, underlines the head of state of the first African economic power.
The problem, in short, seems to be an excessive rapprochement of French-speaking countries with their former colonizer, France.
A criticism also advanced by civil society.
“The controversy surrounding an agreement between the various heads of state of West Africa clearly shows the lack of unity, cohesion and understanding of the importance of a common and prosperous ECOWAS”, according to Auwal Musa Rafsanjani, executive director of CISLAC, an organization that advocates for public sector reforms in Nigeria.
“If West African countries want to have a single currency, they must unite without allowing European countries like France to participate”, decides the economist Odillim Envegdara. “In the next 10, 15 or 20 years, Nigeria’s economy will be better than that of France … if Nigeria says no to a currency, that currency will go nowhere “, does he decide.
“It is clear that the disagreement that we observe between French and English speaking countries is the result of France’s refusal to understand that Africa has grown”, supports Nigerian opponent Jusuf Sani of the ADP party.
At the ECOWAS headquarters in Abuja, we refuse to comment on the issue.
On May 20, France agreed to end its commitment to peg the CFA franc. The 14 countries of the franc zone will no longer have to deposit half of their foreign exchange reserves with France.
Despite this, the road to a single currency in West Africa still seems very long and strewn with pitfalls.
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