The Economic Community of West African States (ECOWAS) has reaffirmed plans to launch a single currency in 2027. But the bloc says it’s leaning towards a phased rollout, with countries meeting convergence criteria such as inflation, debt, and monetary stability joining first.
The news was announced in a communique following Sunday’s ECOWAS Heads of State meeting in Sierra Leone.
The single currency, dubbed the ECO, is being presented as a way to deepen regional integration and support sustainable and inclusive growth.
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The legal registration of the ECO trademark is in progress, but important questions remain unresolved, including whether members of the West African Economic and Monetary Union (UEMOA), who use the CFA franc, will be included at the start.
ECOWAS says several issues still need agreement, particularly around the future central bank, decision-making rules, and which countries will start first.
The launch of the ECO will also have to contend with West Africa’s changing political landscape, as Burkina Faso, Mali, and Niger have left the bloc but remain within the UEMOA.
Consultations are continuing, and a key Task Force meeting is expected before the December 2026 summit.
Source: Africanews.com
