Leaders of the Economic Community of West African States (ECOWAS) have reaffirmed their commitment to launching the long-awaited ECO single currency in 2027, endorsing a phased approach that will allow only countries meeting agreed macroeconomic convergence criteria to participate at the outset while others receive support to join later.
The decision was announced in the final communiqué issued after the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, held in Lungi, Sierra Leone, on July 19.
The summit reviewed the state of regional integration, peace and security, economic performance and the bloc’s monetary integration agenda, with the ECO featuring prominently among its key decisions.
The communiqué said the Authority “reiterates its firm commitment to the launch of the ECO in 2027 as a key instrument for deepening regional economic integration,” reaffirming a project that has been delayed repeatedly over the past two decades as member states struggled to meet fiscal and monetary benchmarks.
Phased rollout
Under the latest plan, the common currency will be introduced first by countries that satisfy the agreed convergence criteria, rather than waiting for all member states to qualify.
Leaders also directed that countries not yet ready should receive appropriate support to facilitate their eventual accession to the monetary union.
The ECO has long been viewed as a cornerstone of West Africa’s economic integration agenda.
A shared currency is expected to reduce transaction costs, simplify cross-border trade, encourage investment and strengthen monetary cooperation across the region.
However, progress has been slowed by persistent challenges in meeting targets on inflation, fiscal deficits, public debt and foreign reserves.
To move the process forward, the Authority commended ongoing high-level consultations between the ECOWAS Commission and governors of member states’ central banks aimed at resolving outstanding technical and policy issues before the planned 2027 launch.
Leaders also welcomed the registration of the name ECO with the African Intellectual Property Organization, describing it as another milestone for the program.
The summit further approved Guinea’s request to join the Presidential Task Force on the ECOWAS Single Currency Program and instructed the Commission to convene a meeting of the task force before the bloc’s next ordinary summit in December 2026.
The Commission was also directed to intensify consultations with the West African Monetary Agency and central bank governors to develop consensus proposals on remaining issues.
Leaders also received the report of the 13th Session of the ECOWAS Convergence Council for the Single Currency and endorsed recommendations aimed at deepening economic and monetary integration.
While the 2027 target remains ambitious, the latest decisions signal a more flexible implementation strategy that prioritizes readiness over universal participation, potentially offering the strongest prospect yet for the long-delayed launch of the ECO.
