World News
Quick Read
Guinea has announced that it will not join the planned ECOWAS single currency, known as the eco, when it is expected to launch in July 2027
Guinea has announced that it will not join the planned ECOWAS single currency, known as the eco, when it is expected to launch in July 2027.
The West African regional bloc plans to introduce the eco among member countries that meet key economic conditions, including low inflation, manageable debt levels, and stable monetary policies.
ECOWAS recently said the currency would likely be introduced in phases, with only qualified countries joining first.
Guinea has now become the first ECOWAS member to officially say it will keep its national currency, the Guinean franc, instead of adopting the eco.
Experts believe the decision is linked to concerns that joining the monetary union too early could hurt Guinea’s economy because the country is still developing its production capacity.
They also note that most of Guinea’s trade is with countries outside West Africa. Around 80 percent of its exports go to Asia, meaning the country may see fewer benefits from sharing a currency with its regional neighbours.
Economist Mohamed Camara told RFI that adopting the eco could reduce Guinea’s control over important economic and monetary decisions.
ECOWAS leaders are expected to meet again in December to discuss unresolved issues, including the structure of the proposed central bank, how decisions will be made, and which countries will be among the first to adopt the eco.
