The Economic Community of West African States (ECOWAS) has strongly reaffirmed its determination to introduce the ECO, the region’s long-awaited single currency, in 2027. This follows decisions taken at the 69th Ordinary Session of the Authority of Heads of State and Government held in Lungi, Sierra Leone.
Leaders from member states endorsed a pragmatic, phased approach to the rollout. The ECO will initially launch among countries that meet key macroeconomic convergence criteria and demonstrate institutional readiness, with others joining progressively as they align. This strategy aims to ensure the currency’s credibility, stability, and long-term sustainability.
“The ECO represents a historic milestone in West Africa’s journey toward deeper economic integration,” said a senior ECOWAS official. “By launching in 2027 with willing and prepared member states, we are building a more resilient, prosperous, and interconnected region that will reduce transaction costs, eliminate exchange rate risks, boost intra-regional trade, and enhance our collective economic sovereignty.”
The initiative builds on ongoing technical work by central bank governors and finance ministers from up to 12 participating countries. Earlier meetings, including those in Monrovia, have focused on finalizing governance structures for the proposed Central Bank of West Africa and aligning policies.
Nigeria’s Vice President Kashim Shettima, representing President Bola Tinubu at the summit, reaffirmed Nigeria’s strong support for the phased introduction of the ECO as part of broader regional integration efforts.
ECOWAS leaders emphasized that the project remains conditional on member states achieving primary convergence criteria, including controlled inflation, sustainable fiscal deficits, adequate external reserves, and limited central bank financing of deficits. A flexible “multi-speed” integration model will allow tailored support for countries needing more time.