President of Ivory Coast, Ouatarra Allasan during the visit of president Emmanuel Macron of France to Ivory Coast declared that the FCFA currency which was used by eight nations in the region will be replaced with a new currency by name ECO.
This declaration was made on Saturday 21, December 2019.
This decision which will go into effect in 2020 is also accompanied by the withdrawal of 50 percent of foreign reserves stored in the French treasury.
In reaction to this declaration, president Macron described this decisions as “historic reforms”. However, France will still maintained a cordial relationship with the ECO economy as guarantor and will set in to aid in imports deals if need arise.
Eight West African countries are affected by this change; Benin, Burkina-Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo. All these countries are former French colonies with the exception of Guinea-Bissau.