The Government adopted a bill authorizing the President of the Republic to ratify the monetary cooperation agreement between the governments of the member states of the West African Monetary Union (UMOA) and France on Wednesday, January 6, 2021, as part of the implementation of the single currency “Eco” in the West African region.

According to government spokesperson Sidi Touré, this monetary cooperation agreement aims to preserve in particular the key economic parameters of community stability and resilience of the UMOA currency, namely the fixed parity with the Euro and the support provided by the French guarantee.

“On the other hand, it puts an end to the centralization of foreign reserves in the operating account as well as the presence of France in the governance bodies of the Union,” said the Minister of Communication and Media at the presidential palace.

The President of the Conference of Heads of State and Government of the West African Economic and Monetary Union (UEMOA), Alassane Ouattara, announced, on December 21, 2019 in Abidjan, the establishment of the bases for their accession to the ECO in the eight countries of UEMOA, a major advance made in the economic and monetary integration of the Union, he added.

The ratification of this agreement will, among other things, improve exchanges between UEMOA member countries, strengthen the stability and resilience of economies, and promote strong, sustainable and inclusive growth in the subregion, said Mr. Sidi Touré.

“We are moving, step by step, resolutely towards the establishment of the Eco, under the leadership of the President of the Republic, Alassane Ouattara,” stressed the Ivorian government spokesperson.

This monetary agreement was signed by the Minister of Finance of Benin and current President of the UEMOA Council of Ministers, Romuald Wadagni, and the French Minister for the Economy, Bruno Le Maire, on December 21, 2019, during a state visit by the French President to Abidjan.