ECOWAS says 2027 launch of ECO single currency remains achievable

West African leaders say the launch of the ECO, the long-delayed single currency of the Economic Community of West African States (ECOWAS), remains achievable in 2027, despite persistent economic and technical challenges.

Meeting on September 7, the ECOWAS Convergence Council reviewed progress on the regional currency project, including recommendations from central bank governors and technical committees tasked with preparing the monetary union. Officials called for accelerated action to meet the target date.

ECOWAS leaders are increasingly considering a phased introduction of the ECO, allowing countries that meet economic convergence criteria to join first, while others would enter later after meeting the required conditions. The approach marks a shift from earlier plans that envisioned simultaneous adoption by all member states.

The ECO is intended to deepen regional economic integration, facilitate trade and reduce transaction costs across West Africa, a market of hundreds of millions of people. However, differences in inflation, public finances and foreign reserve levels among member states continue to pose challenges.

To keep the project on track, the Convergence Council called for the rapid convening of the presidential Task Force responsible for advancing the single currency agenda. The move follows commitments made by West African leaders at a summit in Sierra Leone in July, where they reaffirmed their objective of launching the ECO in 2027.

If implemented, the ECO would represent one of Africa’s most ambitious economic integration projects, creating a common currency area spanning multiple monetary systems and some of the continent’s largest economies.