The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching its regional currency, the Eco, by 2027. The new currency is expected to serve as a unified medium of exchange, streamlining trade and bolstering economic integration throughout West Africa.
During the 11th ECOWAS Convergence Council meeting in Abuja, Mohammed Manga, Director of Information and Public Relations at Nigeria’s Ministry of Finance, revealed these plans. The meeting, which brought together Finance Ministers and Central Bank Governors from across the region, focused on strategies to fast‐track the Eco’s implementation, aiming to enhance both financial stability and regional economic cooperation.
The Eco is envisioned as a single currency for ECOWAS, intended to deepen economic integration and simplify trade among its 15 member countries. Its name was officially adopted on June 29, 2019, by ECOWAS leaders. Initially slated for 2020, the launch has been postponed due to economic disparities, fiscal challenges, and political disagreements.
The rollout was planned in two stages. In the first phase, members of the West African Monetary Zone (WAMZ), including Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone, were to introduce the Eco. In the second phase, the Eco would merge with the CFA franc, the currency used by the eight French-speaking West African nations in the West African Economic and Monetary Union (UEMOA).
This strategy was designed to grant UEMOA countries full fiscal and monetary independence from France while promoting deeper economic integration within ECOWAS.
In June 2021, ECOWAS Heads of State endorsed a roadmap to launch the “Eco,” by 2027. This commitment was reiterated in September 2023 as the bloc once again stressed its determination to meet the planned timeline. The currency aims to unify the region’s payment system, foster price stability, attract foreign direct investment (FDI) by creating a more stable economic bloc, and simplify cross-border business transactions.
Despite significant challenges faced since its inception, such as the exit of the Alliance of Sahel States (Burkina Faso, Mali, and Niger), economic downturns in Nigeria and Ghana, the project continues to move forward.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noted that realizing the Eco currency will require strengthened monetary and fiscal discipline. He highlighted key challenges, including security concerns, inflation, and global economic disruptions that stand in the way of full monetary convergence.
“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Edun stated.
