The Economic Community of West African States (ECOWAS) has insisted it will stick to its plan to launch its regional currency, the Eco, by 2027.
The ECOWAS currency is expected to serve as a unified medium of exchange, facilitating trade and economic integration across West Africa.
Mohammed Manga, Director of Information and Public Relations at Nigeria’s Ministry of Finance, disclosed this during the 11th ECOWAS Convergence Council meeting in Abuja.
The meeting, attended by Ministers of Finance and Central Bank Governors from the region, focused on strategies to accelerate the Eco’s implementation, aiming to enhance financial stability and economic cooperation in the region.
The Eco
The Eco is a proposed single currency for the Economic Community of West African States (ECOWAS), designed to enhance economic integration and facilitate trade among its 15 member countries.
The name was officially adopted on June 29, 2019, by ECOWAS leaders.
Originally set for 2020, the Eco’s launch has been delayed by economic disparities, fiscal challenges, and political disagreements.
The rollout of the ECO currency was planned in two phases. First, member states of the West African Monetary Zone (WAMZ)-comprising Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone-were to adopt the ECO.
In the second phase, the ECO would merge with the CFA franc, the currency currently used by the eight French-speaking West African nations within the West African Economic and Monetary Union (UEMOA)
This transition was designed to grant UEMOA countries full fiscal and monetary independence from France while fostering deeper regional economic integration within ECOWAS.
In June 2021, the Heads of State of the Economic Community of West African States (ECOWAS) adopted a roadmap for the launch of the common currency, the “Eco,” by 2027.
This commitment was reaffirmed in September 2023, as the bloc reiterated its determination to introduce the currency within the planned timeline.
The currency aims to unify the region’s payment system, promote price stability, attract foreign direct investment (FDI) by creating a more stable economic bloc, and simplify cross-border transactions for businesses.
Challenges facing the Eco’s launch
The ECO currency project has faced significant challenges since its early development stages.
Key obstacles include the withdrawal of the Alliance of Sahel States (Burkina Faso, Mali, and Niger), economic downturns in Nigeria and Ghana-both experiencing double-digit inflation and record-high public debt-and broader regional instability.
In January 2024, Burkina Faso, Mali, and Niger announced their withdrawal from the Economic Community of West African States (ECOWAS) in response to sanctions imposed following a series of military coups.
The withdrawal process, which takes a year, was ratified by the ECOWAS Council in January 2025.
Despite these setbacks, some analysts see their exit as an opportunity to streamline the implementation of the ECO currency, potentially reducing political and economic hurdles that have previously delayed progress.
The launch process
According to Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, achieving the ECO currency requires strengthened monetary and fiscal discipline.
He highlighted key challenges hindering progress toward full monetary convergence, including security concerns, inflation, and global economic disruptions.
“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Edun stated.
He also emphasized ongoing engagements with South Africa’s G20 presidency, viewing it as a strategic opportunity to align West Africa’s economic agenda with broader African economic objectives.
