ECOWAS fast-tracks single currency ECO, 2027 launch date set to boost regional trade, prosperity

The Economic Community of West African States (ECOWAS) is accelerating preparations for the launch of its long-anticipated single currency, ECO, following renewed consensus from its leadership.

This was disclosed in a communiqué issued after the 66th Ordinary Session of the ECOWAS Heads of State and Government, held in Abuja on Sunday.

Initially scheduled for rollout in 2020, the ECO’s implementation faced setbacks due to the COVID-19 pandemic. However, a new target date of 2027 has been established to realize the ambitious goal of regional monetary unity. The bloc’s 15 member nations are now advancing efforts to meet the criteria set by the High-Level Committee for selecting candidate countries eligible to adopt the ECO at launch or join at a later stage.

The Heads of State tasked the ECOWAS Commission, in collaboration with the West African Monetary Agency (WAMA), to ensure these criteria are incorporated into the ECOWAS Monetary Union Agreement. They also endorsed the committee’s proposals regarding the financial costs, sources, and modalities necessary to implement the needed reforms and institutions for the currency’s rollout.

The communiqué urged member states and central banks to expedite their financial contributions for the operationalization of these institutions, noting that preparations must be complete once an official launch date is confirmed. The leaders emphasized the importance of meeting all deadlines set for establishing the necessary infrastructure to support the ECO.

In addition to monetary policy, the Authority highlighted progress in the ECOWAS Agricultural Policy (ECOWAP), which focuses on food security and nutrition. Recognizing the pivotal role of agriculture in regional development, ECOWAS called for swift action on initiatives such as the Regional Livestock Farming Strategy, the Regional Rice Self-Sufficiency Roadmap (2025-2035), and the domestication of the Comprehensive African Agriculture Development Programme (CAADP) Action Plan (2026-2035).

The bloc also welcomed strengthened cooperation with technical and financial partners and urged continued collaboration among member states to achieve these agricultural and economic goals.

The ECO aims to boost regional trade by eliminating the high costs associated with exchanging non-convertible national currencies, which currently hinder seamless commerce within the region. Additionally, the single currency is expected to enhance economic prosperity and integration.