By Abiodun Ramon Oseni *
Throughout West Africa’s history, two persistent dynamics have repeatedly shaped the region’s destiny: first, external colonization and economic exploitation; second, internal collaboration and betrayal by domestic elites. While historians often focus heavily on external oppressors, they frequently overlook the critical role of local collaborators. Today, this historical pattern continues to play out in modern diplomacy. A critical look at recent monetary policy reveals that France continues to safeguard its colonial-era influence—and that regional leaders risk enabling it—thereby hindering the Economic Community of West African States (ECOWAS) from achieving its long-sought economic sovereignty through a single currency: the Eco.
For over twenty years, ECOWAS’s 15 member states have struggled to achieve a common currency designed to streamline trade, stimulate growth, and deepen subregional integration. Proposed around 2000 with an initial target launch date of 2003, the Eco’s rollout has been repeatedly postponed—to 2005, 2010, 2014/2015, 2020, and now July 2027. Currently, the region remains split into two economic blocs: the WAEMU/UEMOA States —eight predominantly Francophone countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo—which use the French-backed CFA franc and plan to transition to the Eco. The WAMZ and Other States: Non-CFA nations, including regional powerhouses such as Nigeria and Ghana, alongside Cabo Verde, The Gambia, Guinea, Liberia, and Sierra Leone, have pushed for a phased rollout tied to stringent economic benchmarks.
To join the monetary union, member states must meet rigorous economic criteria: Primary Criteria: A budget deficit-to-GDP ratio ≤3%; single-digit annual inflation (≤10%); central bank deficit financing capped at 10% of the previous year’s tax revenue; and gross foreign reserves sufficient to cover at least three months of imports. Secondary Criteria: Eradication of domestic payment arrears; tax revenue reaching at least 20% of GDP; a wage bill capped at 35% of tax revenue; public investment exceeding 20% of tax revenue; and the maintenance of a stable real exchange rate and positive interest rates.
Hijacking the Eco and Modern Neocolonial Play. The echo of historic betrayal resurfaced dramatically in December 2019. Earlier that year, all 15 ECOWAS member states had agreed on a unified roadmap to launch an independent regional currency. However, French President Emmanuel Macron and Ivorian President Alassane Ouattara unilaterally announced a separate deal in Abidjan to reform the West African CFA franc used by the eight WAEMU states and rename it the “Eco.” While the announcement promised progressive changes—such as removing the requirement to deposit 50% of foreign reserves in the French Treasury and withdrawing French representatives from the currency union’s governing bodies—it retained the CFA franc’s most restrictive element: a fixed peg to the Euro, backed by a French financial guarantee. To Anglophone nations like Nigeria and Ghana, this bilateral deal was a calculated move to hijack and derail the wider 15-nation project. Critics rightly noted that preserving the Euro peg and French backing meant the move was little more than a cosmetic rebranding of a colonial-era currency rather than a true break from French monetary control. As ECOWAS leaders now consider a phased launch in 2027—allowing nations that satisfy convergence criteria to adopt the currency first—deep skepticism remains about whether Paris and its local allies will allow a truly sovereign currency to emerge.
The Path Forward: Subregional Interest Over Personal Gain. In international relations, nation-states do not act out of goodwill or altruism; they act solely to pursue national interests. While France’s diplomatic strategy may be criticized on moral grounds, its conduct reflects the foundational principle of state behavior. The real burden of responsibility rests with West African leaders. To break free from the historical cycle of external exploitation and internal betrayal, the region’s leadership must place subregional development above personal or group interests. Prioritizing the collective well-being of West Africa’s citizens is the only foundation for effective negotiation—and the only way to finally eliminate the internal compromises that have held the continent back for over five centuries.
*Abiodun Ramon Oseni is a Fellow at the Institute of Security Nigeria, a former U.S. police officer, and a U.S. Army veteran. He specializes in international security studies at Harvard University and American Military University. He can be reached at ar.oseni@yahoo.com.
