The Economic Community of West African States has reaffirmed its commitment to launching the long-awaited single regional currency, the ECO, in 2027, describing it as a major step towards deeper economic integration, stronger regional trade and sustainable growth across West Africa.
The decision was one of the major outcomes of the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held on Sunday in Lungi, Sierra Leone, under the chairmanship of Sierra Leonean President Julius Maada Bio.
In a final communiqué issued on Tuesday, following the end of the summit, the leaders said ECOWAS economies remained resilient despite global economic challenges and projected a favourable outlook for 2026, supported by declining inflation, lower public debt-to-GDP ratios and a widening current account surplus, although fiscal deficits remain a concern.
On the single currency programme, the Authority declared that “the Authority reiterates its firm commitment to the launch of the ECO in 2027 as a key instrument for deepening regional economic integration and promoting sustainable, inclusive and resilient growth within the Community.”
According to the communiqué, the ECO will initially be adopted by member states that meet the agreed convergence criteria, while countries yet to qualify will receive support to enable them join the regional currency at a later stage.
