By Abigail Philip David
The Economic Community of West African States (ECOWAS) has announced plans to introduce its long-awaited single currency, ECO, in 2027. This decision was reaffirmed during the 66th Ordinary Session of the Heads of State and Government held in Abuja on Sunday.
Initially slated for a 2020 launch, the rollout was postponed due to disruptions caused by the COVID-19 pandemic. The new target date marks a significant step toward regional economic integration.
In a communiqué issued after the meeting, the Authority disclosed that it has adopted selection criteria proposed by the High-Level Committee to determine which member states will adopt the ECO first and which will join later. The West African Monetary Agency (WAMA) has been tasked with incorporating these criteria into the ECOWAS Monetary Union Agreement.
The communiqué also highlighted financial preparations for the launch, including the costs, funding sources, and modalities required for implementing the necessary reforms and institutions. Member states and central banks were urged to fulfill their financial commitments to operationalise these institutions ahead of the official launch.
The Heads of State called on the High-Level Committee and the ECOWAS Commission to accelerate efforts to meet the deadlines for establishing and operationalising these institutions.
Beyond the currency initiative, the Authority commended progress on the ECOWAS Agricultural Policy (ECOWAP), aimed at enhancing food security and nutrition in the region. Recognising the importance of agriculture in the socio-economic development of member states, the Authority urged the Commission to implement regional strategies focused on livestock farming, the Regional Rice Self-sufficiency Initiative, and the Comprehensive African Agriculture Development Programme (CAADP) Action Plan for 2026-2035.
The Authority also stressed the importance of collaboration with technical and financial partners and called on member states to work closely with community institutions to achieve regional food security goals.
The ECO is expected to facilitate trade, boost economic growth, and deepen regional integration across ECOWAS member states.
