Guinea Announces Refusal to Adopt ECOWAS Currency

 Guinea does not plan to abandon the Guinean franc in favor of the future single currency of the Economic Community of West African States (ECOWAS) — the Eco, according to a statement from the administration of President Mamady Doumbouya.

The administration noted that the president's participation in the ECOWAS summit in Sierra Leone had sparked discussions about Guinea potentially joining the Eco zone and abandoning its national currency. However, authorities emphasized that such assumptions "do not correspond to the country's economic realities."

The statement said that the Guinean franc remains not only the national currency but also a "symbol of economic sovereignty," enabling the state to independently conduct economic policy, implement development priorities, and maintain financial independence.

"The strength of a nation is measured not only by its institutions or natural resources. It is also measured by its ability to define its own economic future and preserve the instruments that underpin its independence. It is with this purpose that Guinea today, with even greater resolve, defends its economic and monetary sovereignty," the statement read.

The presidential administration also indicated that the course toward strengthening economic sovereignty is supported by practical steps. In particular, the launch of a gold refinery is seen as an important milestone, which should increase added value and strengthen the role of the Central Bank of Guinea.

Furthermore, authorities stated that ongoing reforms and major investment projects are contributing to growing confidence from international financial institutions.

"Maintaining the Guinean franc aligns with the goal of preserving a crucial instrument of sovereignty while remaining open to regional integration processes," the statement said.

The administration emphasized that the main task is not debating currency change, but creating conditions for sustainable economic growth, processing national resources, and strengthening the domestic economy.

Earlier in July, ECOWAS announced plans to launch a single regional currency, the Eco, in 2027.