FactCheck: Will France be responsible for printing ECOWAS’ single regional currency?

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Claim: Online publications suggest that France will be responsible for printing the proposed ECOWAS single regional currency, ECO.

Verdict: The claim is false. The ECOWAS Ghana Office told DUBAWA the decision of where the currency will be printed is yet to be made.

Full Text

Online media publications (archived here) have reported that France will print the proposed single regional currency for the Economic Community of West African States.

The publications did not indicate when and where the decision was taken.

“France’s reported involvement in printing the proposed ECOWAS Eco currency has intensified criticism from those who argue that West Africa cannot claim full monetary independence while relying on external institutions for such a critical function,” an Instagram post read.

The post included a 30-second clip of Ivorian President Alassane Ouattara making a statement in French, with French President Emmanuel Macron by his side.

Alassane Ouattara’s statement, when translated to English using Google Translate, will read:

“The creation of the ECO—the single currency of ECOWAS (the Economic Community of West African States). That is why, in my capacity as the current Chairman of the Conference of Heads of State and Government of the WAEMU, and by virtue of the mandate entrusted to me, I am pleased to announce that, following an agreement with the other Heads of State, we have decided to reform the CFA franc, incorporating the following three major changes.”

The Instagram post has generated over 500 comments, with a sample criticising African leaders over the supposed decision.

“Why can’t they print their own currency? Why rely on France to manage their monetary policies? Neocolonialism is real. You are not independent, you are all French colonies,” one of the comments read.

Verification

We contacted the ECOWAS Ghana office via email to inquire if a decision had been taken on where the currency will be printed.

“I wish to inform you that no decision has been taken on where the ECO currency will be printed,” a correspondent from the ECOWAS Ghana office, Pediter Asiamah, responded.

Screenshot of the response to our query to the ECOWAS Ghana office.

Meanwhile, we found that the 30-second clip used in the Instagram post is from a joint press conference by Emmanuel Macron and Alassane Ouattara when the French head of state visited Ivory Coast in December 2019.

A YouTube video published by the Associated Press features the clip in a news report.

At the press conference, Alassane Ouattara indicated that the West African Economic and Monetary Union (WAEMU) had agreed to rename its common currency, the CFA Franc, to Eco.

Several international media organisations captured this in their news report.

“On a visit to Ivory Coast, French President Emmanuel Macron and Ivorian President Alassane Ouattara on Saturday announced an overhaul of the CFA franc, a currency used by eight states in West and Central Africa, most of them former French colonies. The currency will be renamed the “eco” next year, and French officials will no longer be represented on its governing bodies, Ouattara said. In addition, a requirement that the eco’s member states keep half their foreign reserves in France will be rescinded,” France24 also reported following the press conference.

The renaming of the currency has yet to take place, as the ECO currency has not yet been rolled out by ECOWAS.

What’s the latest regarding the ECOWAS Single Currency Programme

The Economic Community of West African States, ECOWAS, has reaffirmed its commitment to launching the ECO in 2027.

At its 69th Ordinary Session, the Authority of Heads of State and Government of ECOWAS “resolved that the launch shall commence with those countries that meet the established convergence criteria and are ready to participate.”

Furthermore, they directed “the ECOWAS Commission to register the ECO as a trademark of the ECOWAS single currency with other relevant regional and international intellectual property bodies.”