The convergence pact, which should lead to the introduction of the Eco to replace the F CFA, has been suspended for two years. The decision was announced by the Minister of Economy, Finance and Development, Lassané Kaboré during the plenary session of the National Assembly held on 4 May 2021. For the exchange rate, the countries decided on a mechanism based on a basket of currencies. To this end, the countries of the West African Economic and Monetary Union (UEMOA) have decided to observe a halt in the implementation of the single West African currency project

“We have given ourselves until 2024 to return and continue the work, namely the establishment of irrevocable parities, that is to say the equivalences between the ECO and existing currencies in the ECOWAS region,” the Minister of Economy, Finance and Development, Lassané Kaboré, told deputies.