One important step forwards towards a single currency was made on 21 December 2019 when Ivorian President Alassane Ouattara – who is also the current president of the UEMOA – and French President Emmanuel Macron announced plans to reform the CFA franc, the common currency of the eight UEMOA member countries. Some 134 million people in Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo use the CFA franc. Under the reform plan: the CFA franc will be renamed the “Eco”; France will withdraw from all governance bodies; and the Bank of France will no longer hold half of the foreign reserves. However, the Eco will continue to be pegged to the Euro and France will retain, for the time being, its role as its financial guarantor. Read on

In West Africa, Sahel and Mano River countries have lower income inequality than their coastal neighbours, indicating growing social and economic disparities between emerging economies (Côte d’Ivoire, Ghana, Nigeria) and less rapidly transforming rural economies. Moreover, many West African countries are faced with a north-south divide. Ghana’s north is much less developed than its rapidly urbanising coastal areas. Read on

Following the 25th anniversary celebration ceremony on 10 January, the West African Economic and Monetary Union (UEMOA) organised a second major event on 7-8 October in Ouagadougou to commemorate 25 years of integration among its eight member countries. Bringing together some 300 political leaders, intellectuals and civil society representatives, the scientific forum’s theme was “25 Years of UEMOA: Addressing together the challenges related to the free movement of people and goods within a secure community.” Read on

African leaders have reached an important milestone in creating a united African market with the launch of the operational phase of the African Continental Free Trade Area (AfCFTA) on 7 July 2019 in Niamey, Niger. The 54-nation trade bloc will unite 1.3 billion people and create a USD 3.4 trillion economic bloc. It is the largest trade bloc to be created since the the World Trade Organization was founded in 1995. It is set to become the biggest integrated market worldwide uniting some 2.5 billion people by 2050. Read on