Guinea has announced that it will not participate in the planned Economic Community of West African States (ECOWAS) single currency, opting instead to retain the Guinean franc.
The decision makes Guinea the first member state of the 12-country West African economic bloc to publicly declare that it will remain outside the proposed monetary union, which is scheduled for launch in July 2027.
Last month, ECOWAS indicated that it was considering a phased introduction of the eco currency, with countries that meet key convergence requirements, including inflation control, debt sustainability and monetary stability, expected to join first.
However, Guinea has chosen not to proceed with adoption, with analysts suggesting the decision may be linked to concerns that joining the monetary union before building stronger domestic production capacity could weaken economic flexibility.
Economists say Guinea may be concerned that adopting a shared currency could limit its ability to independently manage monetary policies needed to support local industries and economic growth.
The country’s trade structure has also influenced the decision, as many of Guinea’s major commercial partners are outside West Africa.
About 80% of Guinea’s exports are directed towards Asian markets, raising concerns that linking its currency to neighbouring economies could reduce some of the country’s economic policy tools.
Economist Mohamed Camara told RFI that adopting a common currency could affect Guinea’s ability to maintain certain economic levers needed to respond to its unique trade and development needs.
ECOWAS member states are expected to hold further discussions in December to address unresolved issues surrounding the monetary union.
Key issues on the agenda include the structure and future of the regional central bank, decision-making mechanisms, and determining which countries will be the first to adopt the eco currency.
The planned currency is part of ECOWAS’ broader effort to deepen regional integration, strengthen trade ties and improve economic cooperation among West African countries.
