ECOWAS to Launch Eco Currency by 2027
By John Kelly Marah
The Economic Community of West African States (ECOWAS) has unveiled an ambitious plan to launch its long-awaited single currency, the Eco, by 2027. The announcement was made during the 11th ECOWAS Convergence Council meeting held in Abuja, Nigeria. The Council, comprising financial leaders, ministers of finance, and central bank governors from member states, convened to discuss strategies for deeper economic integration across the region. According to The New Diplomat, the Eco currency — a project over a decade in the making — aims to replace the multiple national currencies currently in use among ECOWAS member states. The unified currency is expected to enhance seamless trade, lower transaction costs, and strengthen economic stability in West Africa. Speaking at the meeting, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the importance of maintaining monetary and fiscal discipline to successfully implement the Eco. He acknowledged that security challenges, inflation, and global economic disruptions have been major obstacles to achieving full monetary convergence. Edun also highlighted the ongoing collaboration with South Africa’s G20 presidency as a vital opportunity to align West Africa’s economic goals with broader continental objectives. “This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” he concluded.
