Updated: February 24, 2021
The West African country of Ghana wants to adopt a West African currency called eco that is expected to replace the France-backed CFA franc as soon as next year, the government said.
But the government of Ghana urged members of the currency union to ditch a planned peg to the euro, several reports said on Monday.
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The eco will be used in eight regional countries, Ghana’s adoption of the new currency would make it the bloc’s largest economy, ahead of neighbor Ivory Coast.
Reuters news agency noted that Ghana was not part of the West African Economic and Monetary Union (UEMOA) of mostly former French colonies that uses the CFA franc and has its own currency, the cedi.
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