By Mohamed T. Massaquoi
The Sierra Leone government’s position on the single currency for West Africa remains uncertain until a regional meeting schedule for next week, according to a statement by the Bank of Sierra Leone (BSL) on Thursday.
The BSL said the Leone would remain the legal tender until a decision is made at a meeting by member countries of the West African Monetary Zone (WAMZ) scheduled to take place in an undisclosed location on January 16. The meeting being organized by the West African Monetary Institute (WAMI) will bring together members of the committee of governors of WAMZ.
The Bank’s statement comes in the wake of report that Francophone West African countries had adopted a single currency by the same name – Eco, replacing the Franc CFA. That decision by the French speaking West African countries who make up the West African Monetary Union, is part of an agreement with the French government to put to an end decades of French influence on the economy of those countries.
BSL said that the extraordinary meeting will discuss the implications of this development and determine the way forward for 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,” reads the statement signed by the Bank Governor, Kelfala Kallon.
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