WEST AND EAST AFRICA PLAN TO INTRODUCE NEW CURRENCIES

The countries of the East African Community (EAC) and nations in the Ecowas region of West Africa are determined to forge ahead with plans to introduce new currencies for their respective regions.

The idea of replacing the decades-old CFA franc with a new regional Eco currency has been disrupted by political divisions, but the member nations of the EAC are seemingly more organised and committed to their plan to create a single regional currency.

It would make regional trade smoother, by doing away with the constant need for cross-border businesses to change currencies, often losing money in the process.