Dakar (AFP)

A small step or a revolution? The announcement of the replacement of the CFA franc by Eco in eight in West Africa leaves open many questions as to its significance, symbolic or real, for economies and for the man on the street.

On Saturday in Abidjan, Ivorian President Alassane Ouattara outlined the agreement concluded between the eight countries of the West African Economic and Monetary Union (UEMOA) which he represented (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo) and France.

At his side, his French counterpart Emmanuel Macron "welcomed" that the Eco sees "the day in 2020", explaining having "heard" critics about the CFA franc.

"The historic moment we are living in today echoes our commitment to change! The transition from FCFA to Eco is wonderful news for the future of the countries that use it!" Togolese economist Kako Nubukpo, known for his anti-CFA franc stances.

According to these announcements, three essential things will change, including the name of the currency, since the Eco will replace the FCFA and its post-colonial accents. The reform will also mark the end of the deposit of half of the reserves of the Central Bank of West African States (BCEAO) with the Banque de France. And Paris will no longer appoint representatives to the BCEAO and UEMOA governance bodies.

On the other hand, the fixed parity with the euro of the future Eco is maintained, although it is criticized by African economists, and Paris will keep its role of financial guarantor.

- 'What to be confused' -

Several gray areas persist, however.

When will the Eco denominations replace the CFA franc notes in the pocket of West African consumers?

How will this CFA franc reform project be linked to that of a single currency, also called Eco, initiated by the ECOWAS, which includes non-member countries of the franc zone such as Nigeria, West African English giant?

"There is reason to be confused," said Ivorian economist Mamadou Koulibaly, the presidential opposition candidate in his country next year, on Twitter.

"This reform has what advantage for the populations? They gain what? Frankly, nothing at all. But that offers the advantage of raising the debate on the possible alternatives", estimates the Beninese economist Donaldine Amangbédji.

"On the other hand, the single currency is a more serious issue. If we have the same currency as Nigeria, Ghana, we other small countries like Benin, Togo, it suits us from an economic point of view".

But "it turns out that many of the ECOWAS countries are not ready. If you create a currency under these conditions, the currency will be completely devalued. There are some who say that the risk is worth taking, d "Others fear an adventure," said Amangbédji.

"Ultimately, this is an advance, but not a revolution, nor a fundamental break," judges the Senegalese economist Felwine Sarr on Facebook. He also stresses that it is necessary to "avoid" that the single currency project on the scale of the ECOWAS is "diverted, recovered or diverted by this reform (of the CFA franc) which for the moment only concerns the most symbolic, but leaves important elements of the old relationship "with France.

Overall, the West African press was skeptical about the reform announced in Abidjan.

"Franc CFA et Eco: bonnet-blanc, blanc-bonnet", headlines the Ivorian opposition newspaper "Notre Voie", while for Le Quotidien de Dakar, "if the facade has changed, nothing has changed in the background ".

- 'echoes to the north of Mali at war' -

For the Senegalese economist Makhtar Diouf, this reform constitutes a "non-event" which countries like Ghana and Nigeria "have nothing to do with."

The announcement had echoes in northern Mali at war. "I prefer the Eco because it makes us freer," Kali Dramé, a tailor from Timbuktu, told AFP. For his fellow-member Mahouloun Bagna, a mason, changing the currency in a country plagued by jihadist violence is not the priority, however. "We prefer to be safe first," he says.

In Dakar, Matar Mboup, transit agent, wonders. "I would like to know what the positive impact of Eco will be in our life". Others raise the question of possible "ulterior motives" of France. "If no trap is hidden from us, it is a good thing," said Mamadou Abdoulaye Ndiaye, seller of T-shirts, with caution.

Philosopher, Massamba Mbaye, who sells works of art, compares money to a boubou: "Whether white or black, the main thing is that you can wear it. Whether it's called CFA franc or Eco, the main thing is that it is available. "

© 2019 AFP