The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching the long-awaited single regional currency, the ECO, in 2027, describing the initiative as a major milestone towards deeper economic integration, stronger regional trade and sustainable economic growth across West Africa.
The decision was one of the key resolutions reached at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone, under the chairmanship of Sierra Leonean President Julius Maada Bio.
In its final communiqué issued after the summit, the regional bloc said member states had demonstrated resilience despite global economic headwinds and projected a favourable economic outlook for 2026, supported by declining inflation, improving public debt-to-GDP ratios and a widening current account surplus, although fiscal deficits remain a challenge in several countries.
Reaffirming its commitment to the regional currency project, the Authority stated that the ECO would serve as a critical instrument for strengthening economic cooperation and promoting inclusive, resilient and sustainable growth across the sub-region.
According to the communiqué, the single currency will initially be adopted by ECOWAS member states that satisfy the agreed macroeconomic convergence criteria, while countries yet to meet the requirements will receive technical support to enable them join the monetary union at a later stage.
The leaders also welcomed the successful registration of the name “ECO” with the African Intellectual Property Organisation and directed the ECOWAS Commission to secure trademark protection with other regional and international intellectual property bodies.
The regional bloc said the planned introduction of the ECO reflects its long-term vision of creating a more integrated West African economy by facilitating cross-border trade, improving monetary cooperation and reducing barriers to regional commerce.
