ECOWAS sticks to 2027 deadline for Eco currency despite economic challenges

The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching the Eco currency by 2027, a key step in advancing regional economic integration and financial stability.
The ambitious currency project, which aims to unify the economies of 15 West African countries, was discussed at the recent 11th ECOWAS Convergence Council meeting in Abuja. Despite delays since its initial launch target in 2020, ECOWAS leaders are determined to meet the new 2027 deadline. The Eco is designed to foster trade and economic cooperation, while also simplifying cross-border transactions, promoting price stability, and attracting foreign investment. Nigeria’s finance minister, Wale Edun, emphasized the importance of fiscal and monetary discipline and overcoming significant obstacles such as inflation, security challenges, and global economic disruptions. He underscored that achieving the currency’s launch requires meeting strict convergence criteria, including low inflation rates and balanced fiscal policies across member states.
However, the process has faced setbacks, including the withdrawal of Burkina Faso, Mali, and Niger from ECOWAS following recent political upheavals. Despite these challenges, analysts believe that their exit could streamline the currency’s rollout by reducing political and economic hurdles. The Eco aims to bolster the region’s economic profile on the global stage, positioning West Africa as a unified player in the international market. ECOWAS remains optimistic that the launch will pave the way for enhanced growth, stability, and prosperity across the region. “This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Nigeria’s finance minister said.