ECOWAS heads of state have reaffirmed their commitment to launching the ECO single currency in 2027, adopting a phased approach that will allow only member states meeting the required macroeconomic convergence criteria to participate in the first phase.
Meeting at their 69th Ordinary Summit in Lungi, Sierra Leone, leaders described the ECO as a key driver of regional economic integration and sustainable growth, while agreeing to support countries that need more time to meet the entry requirements.
The leaders also welcomed progress made through consultations between the ECOWAS Commission and central bank governors, as well as the registration of the ECO trademark with the African Intellectual Property Organization.
They instructed the ECOWAS Commission and the West African Monetary Agency to continue consultations on outstanding technical issues ahead of the planned 2027 launch.
The rollout comes as West Africa continues to operate under different monetary systems, with questions still remaining over the future participation of Burkina Faso, Mali and Niger following their withdrawal from ECOWAS while retaining membership in WAEMU and continued use of the CFA franc.
