ECOWAS reaffirms plans to launch single currency in 2027
The Economic Community of West African States (ECOWAS) has reiterated its commitment to introducing a single regional currency, the ECO, in 2027, but says the rollout is likely to be implemented in phases.
The decision was announced in a communiqué issued after the ECOWAS Heads of State Summit held in Sierra Leone on Sunday.
According to the bloc, the phased approach will allow only member states that meet key macroeconomic convergence requirements, such as targets for inflation, public debt and monetary stability, to adopt the currency initially.
ECOWAS believes the ECO will strengthen regional integration while promoting sustainable and inclusive economic growth across West Africa.
The organisation also disclosed that the process to legally register the ECO trademark is underway. However, several key issues remain unresolved, including whether countries within the West African Economic and Monetary Union (UEMOA), which currently use the CFA franc, will participate in the first phase.
The regional body said discussions are still ongoing regarding the structure of the proposed central bank, governance arrangements, and the criteria for determining which countries will join the initial launch.
The implementation of the single currency also faces fresh challenges following the withdrawal of Burkina Faso, Mali and Niger from ECOWAS, although the three countries remain members of UEMOA.
ECOWAS said consultations are continuing, with a crucial Task Force meeting expected to take place ahead of the bloc’s December 2026 summit.
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