ECOWAS renews efforts to launch single currency ECO in 2027

The leaders of the Economic Community of West African States (ECOWAS) have pledged to renew efforts to launch the region’s single currency, the ECO, with the revised date set for 2027.

This decision was reaffirmed during the recent 66th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Abuja, where leaders reviewed progress on the long-delayed plan. Originally scheduled for rollout in 2020, the ECOWAS member sates later decided to delay the launch due to challenges, including the Covid-19 pandemic. During their latest meeting, ECOWAS leaders approved the criteria for selecting member states to participate in the ECO launch. Beyond currency reform, the leaders also emphasized agricultural development, highlighting the critical role that agriculture plays in regional socio-economic growth.

The bloc is currently working on practical arrangements for the currency’s introduction, which is expected to significantly boost regional trade, lower transaction costs, foster economic integration, and by that promote economic prosperity within the region. The ECOWAS Commission and the West African Monetary Agency (WAMA) has thus been tasked with incorporating the new criteria into the protocol for establishing the ECOWAS Monetary Union. Regional leaders have also called for immediate financial contributions from member states and central banks to support necessary reforms and institutions for the single currency project.