The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching its long-anticipated single regional currency, the ECO curency in 2027, describing the move as a major milestone toward driving deeper economic integration, boosting intra-regional trade, and fostering sustainable growth across West Africa.
This commitment emerged as a key resolution from the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, which convened on Sunday in Lungi, Sierra Leone, under the leadership of Sierra Leonean President Julius Maada Bio.
Following the summit, the leaders released a joint communiqué noting that ECOWAS economies have demonstrated resilience against global economic headwinds, forecasting a favorable outlook for 2026 driven by declining inflation, reduced debt-to-GDP ratios, and a growing current account surplus, despite ongoing concerns over fiscal deficits.
On the single currency programme, the Authority declared that “the Authority reiterates its firm commitment to the launch of the ECO currency in 2027 as a key instrument for deepening regional economic integration and promoting sustainable, inclusive and resilient growth within the Community.”
According to the communiqué, member states meeting the agreed-upon convergence criteria will adopt the ECO currency first, while nations currently falling short will receive targeted support to help them meet requirements and join the single currency later.
The Authority applauded the African Intellectual Property Organization for successfully registering the name “ECO” and directed the ECOWAS Commission to secure trademark protections with additional regional and international intellectual property agencies.
ECOWAS strongly condemns S’Africa xenophobic attacks
ECOWAS strongly denounced the ongoing xenophobic attacks against Africans in South Africa, particularly West Africans, and urged South African authorities to protect foreign nationals while permanently addressing the issue. It also supported Ghana’s move to bring the issue to the African Union Assembly.
Regarding trade, the summit cautioned that the proliferation of bilateral deals among individual member states threatens to undermine the ECOWAS Customs Union, charging the Commission with consolidating unified regional positions for international negotiations.
The member states urged one another to clear outstanding Community Levy arrears earmarked to finance the regional counterterrorism force.
The communiqué specifically “strongly condemns the increasing spate of banditry, kidnappings and abductions of school children, particularly in Northern Nigeria.”
It also “expresses its solidarity with the people of the Federal Republic of Nigeria and commends President Bola Ahmed TINUBU for the swift actions taken to secure the release of victims and the measures put in place to combat the menace.”
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Backstory…
The renewed commitment to launch the ECO currency in 2027 follows years of delays that have repeatedly stalled ECOWAS’ ambitious plan to establish a single currency for the region.
Initially scheduled for introduction in 2003, the project has missed several deadlines due to member states’ failure to meet key convergence criteria, including targets on inflation, fiscal deficits, public debt and foreign reserve levels.
Economic shocks such as the COVID-19 pandemic, currency instability and rising inflation across West Africa further complicated efforts to harmonise the region’s economies.
