With secessionist tendencies in the Alliance of Sahel States, double-digit inflation in Ghana and Nigeria, and public debt reaching record levels, the currency of the Economic Community of West African States doesn’t look likely to enter circulation in 2027 as planned.
French President Emmanuel Macron and his counterpart Ivorian President Alassane Ouattara at the presidential palace in Abidjan on 22 December 2019.
Everything had started so well for this monetary reform. On 21 December 2019, under the gilding of the presidential palace in Abidjan, Alassane Ouattara and Emmanuel Macron were all smiles.Egyptian pound, naira, rand, cedi… African currencies in the eye of a storm In recent months, 23 of the African continent’s currencies have hit all-time lows against the US dollar – the consequences range from very high inflation to falling investment. What has caused it, and what are the implications?Twenty-three of the continent’s currencies, including the naira, Egyptian pound and Congolese franc, have hit historic lows against the US dollar, raising fears of loss of control over consumer prices.
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