The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to introducing a single currency, the ECO, in 2027. While the legal registration of the ECO trademark is underway, the broader framework for the currency is still being finalised.
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In a communique issued after last Sunday’s Heads of State meeting in Sierra Leone, ECOWAS indicated that the rollout will likely be phased, with countries that meet convergence criteria—such as inflation control, debt sustainability, and monetary stability—joining first. The ECO is being positioned as a tool to deepen regional integration and promote sustainable, inclusive growth.
Key issues remain under discussion, including whether members of the West African Economic and Monetary Union (UEMOA), who currently use the CFA franc, will be part of the initial launch. ECOWAS also noted that agreement is still needed on the structure of a future central bank, decision‑making rules, and the order in which member states will adopt the currency.
The launch of the ECO will also have to grapple with West Africa’s changing political landscape since Burkina Faso, Mali and Niger 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: Reuters
