TradeMark East Africa, an NGO committed to growing prosperity in East Africa through trade, has expressed its support for the regional currency initiative that has been launched by the Economic Community of West African States (Ecowas).
A spokesman said according to its assessment of the Eco, as the new currency will be called, “all that remains is a few house cleaning matters such as creating the exchange-rate regime as well as the monetary policy framework”.
The NGO lauded the Eco, calling it one of the most interesting developments in intra-regional trade, particularly seen against the backdrop of the African Continental Free Trade Area (AfCFTA).
It should “cause other regional organisations to sit up and watch, especially the East African Community”.
TradeMark added that “it will be curious to know what role France will play in the new currency seeing as it controls the CFA (franc), the common currency used in its former colonies”.
