Plans to introduce a new regional currency in West Africa have been delayed to the economic damage caused by Russia’s invasion of Ukraine and the lasting effects of the Covid pandemic, according to Ivory Coast President Ouattara. The WAEMU agreed in 2019 to start phasing out the seven-decade-old common CFA franc. However, the process has been slow, with the launch of a common currency for the 15 members of the Economic Community of West African States pushed to 2027. The region’s budget deficit totaled about 7% of GDP last year, compared to the 3% envisaged convergence criteria, a prerequisite to introducing the new currency.