Ivory Coast’s President seeks common regional currency by 2026

Ivory Coast President, Alassane Ouattara, wants members of the Economic Community of West African States to start a common currency a year earlier than planned.

“I want this common currency to be available by 2026 at the latest,” Ouattara said following a meeting with Ghanaian President Nana Akufo-Addo in Ivory Coast’s commercial capital, Abidjan.

“Ivory Coast has made significant efforts and from next year, it will be ready to meet the required convergence criteria,” Ouattara said.

The 15-member Ecowas, which has been pursuing a common currency project for more than two decades, decided in 2021 to introduce a new road map to launch the eco currency by 2027.

The main setback has been the inability of members to meet four primary convergence criteria, relating to lowering budget deficits, achieving single-digit inflation, accumulation of adequate foreign reserves and reduction in central bank-financing of the state.

The two heads of state committed to working closely with other West African countries to strengthen regional economic and financial integration and achieve the objective of creating the monetary union.

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