Senegalese President Diomaye Faye has threatened to vacate from ECOWAS if the delay on establishing a central Eco currency lingers.
On Friday, the Head of State emphasized the importance of having its own currency to ensure Senegal’s economic development and stability.
President Diomaye Faye frowned at the delay bedevilling the approval for the commencement of printing of Eco currency as discussed by ECOWAS community years back.
“If it takes too long for ECOWAS to create it own currency, We will breakaway” Says Senegalese President Diomaye Faye.
Bassirou Diomaye Faye added: “We will never give up the pursuit of our own currency”
The Head of state further emphasized the importance of having its own currency to ensure Senegal’s economic development. “When you don’t have sovereignty over your currency, you can’t develop,” he declared.
He recalled that “all countries in the world have three main means of financing their economies: taxation, debt, and currency.”
However, with the CFA franc, Senegal is depriving itself of an essential instrument.
“If you don’t have your own currency, you can’t have an impact on this essential element. So we only have two levers left,” he explained to journalists.
“The ECOWAS process for establishing a common currency is slow,” he said.
In the meantime, the West African Monetary Union (WAMU) could, according to the Head of State, take the initiative.
“If WAMU is slow to obtain ECOWAS’s approval, it can take the initiative to create a sovereign currency with a distinct name, symbol, and banknotes,” he suggests.
Senegal, which favors a shared path with its partners, does not rule out the possibility of a breakaway.
“If it takes too long, we will withdraw to have our own currency,” the president assures.
However, with the CFA franc, Senegal is depriving itself of an essential instrument, President Faye disclosed.
Such delay in the process of establishing an Eco central currency for all the ECOWAS communities seems politically manipulated and succinctly affected by some power driven tendencies as gathered from clear sources.
-Princely Onyenwe reporting
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