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Sierra Leone to make its final decision on whether to adopt single currency

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The Sierra Leone government has said a pending decision by member countries of the West African Monetary Zone (WAMZ) will determine its position on the West African single currency – the Eco.

The (Central) Bank of Sierra Leone (BSL) announced on Thursday, 9 January 2020, that the country would continue with the Leone as the legal tender until the meeting of the committee of board of Governors of WAMZ slated for January 16 is held.

The announcement comes in the wake reports of the adoption of the Eco as a single currency by member countries of the French speaking West African Bloc – the West African Monetary Union, better known by its French acronym UEMOA.

That decision by UEMOA has sparked debate about the fate of the West Africa wide single currency by the same name of Eco, which has been the subject of discussion for over the last two decades.

In the statement issued by BSL, signed by its Governor, Professor Kelfala Kallon said next week’s meeting being organized by the West African Monetary Institute (WAMI) will discuss the implications of the development and take a central position for the five English speaking WAMZ member countries.

“The public is hereby informed that Sierra Leone’s position on the issue will be announced after the meeting. Meanwhile, until Parliament legislates otherwise, the Leone continues to be the legal tender of Sierra Leone,” the statement says.

– APA

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