Kehinde Fajobi
The Economic Community of West African States (ECOWAS) has ramped up efforts to implement its single currency, the ECO, following agreements reached at the 65th Ordinary Session.
In a communiqué issued after its 66th Ordinary Session held in Abuja on Sunday, ECOWAS revealed the new launch date for the ECO is now set for 2027.
The regional bloc initially aimed to introduce the currency in 2020 but faced delays due to the COVID-19 pandemic.
The Authority stated that it has adopted criteria proposed by the High-Level Committee to select member states for the initial launch of the ECO, while others will join at a later stage.
It directed the ECOWAS Commission, in collaboration with the West African Monetary Agency (WAMA), to integrate these criteria into the protocol establishing the ECOWAS Monetary Union Agreement.
The Authority also endorsed the High-Level Committee’s proposals on financing reforms and institutions required for the ECO’s launch, urging member states and central banks to promptly make their financial contributions.
“The Heads of State urged the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify its efforts to ensure that the deadlines set for the establishment and operationalisation of the institutions needed to launch the ECO are met,” the communiqué noted.
The proposed ECOWAS single currency is expected to boost trade and economic growth within the region.
According to ECOWAS, the ECO will help “lower trade costs and improve intraregional trade,” currently hampered by non-convertible national currencies, while also “boosting the economic well-being and prosperity of member states.”
On food security, ECOWAS highlighted progress under its Agricultural Policy (ECOWAP) and called for swift implementation of initiatives, including the Regional Rice Self-sufficiency Roadmap (2025-2035) and the Livestock Development and Pastoral Systems Security Strategy.
The Authority emphasised the need to domesticate the Comprehensive African Agriculture Development Programme (CAADP) Action Plan (2026-2035) across member states.
It also welcomed strengthened cooperation with technical and financial partners, urging member states to work closely with regional institutions to achieve food security and nutrition goals.
ECOWAS leaders underscored that a successful rollout of the ECO would involve either a phased transition, where national currencies coexist with the ECO for a period, or distinct ECO zones where currencies are pegged to the new common currency.