The Economic Community of West African States (ECOWAS) has restated its determination to introduce the long-planned ECO single currency in 2027, describing the initiative as a major milestone in the region’s drive for stronger economic integration and increased intra-African trade.
The commitment was reaffirmed at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, held in Lungi, Sierra Leone, under the leadership of Sierra Leone’s President, Julius Maada Bio.
In the communiqué issued after the summit on Tuesday, July 21, regional leaders said West African economies had continued to show resilience despite global economic headwinds.
They noted that the outlook for 2026 remained encouraging, supported by easing inflation, declining public debt-to-GDP ratios and improvements in current account balances, although fiscal deficits remain a challenge for several member states.
On the proposed regional currency, the leaders stressed that preparations remained on course.
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“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,” the communiqué stated.
ECOWAS explained that the new currency would first be adopted by member states that satisfy the agreed macroeconomic convergence criteria. Countries yet to meet the benchmarks would continue receiving technical support until they become eligible to join the monetary union.
The regional bloc also announced progress in protecting the identity of the proposed currency.
According to the communiqué, the Authority welcomed the successful registration of the name “ECO” with the African Intellectual Property Organisation and instructed the ECOWAS Commission to obtain trademark protection from other regional and international intellectual property organisations.
The ECO project has been discussed for years as part of efforts to establish a common monetary system for West Africa, reduce transaction costs, facilitate cross-border trade and strengthen economic cooperation among ECOWAS member states.
The latest reaffirmation signals renewed political commitment by regional leaders to meet the 2027 target after several previous postponements of the single currency programme.