ECOWAS Reaffirms 2027 Launch Date for Single Currency, Eco
The Economic Community of West African States (ECOWAS) has taken a major step towards regional economic integration with the reaffirmation of its commitment to launching the long-anticipated single currency, the Eco, by 2027. This was the key outcome of the 11th ECOWAS Convergence Council meeting held in Abuja, where Ministers of Finance and Central Bank Governors convened to assess progress on monetary convergence and economic stability in the region.
Chairing the session, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated the country’s dedication to regional economic cooperation. He acknowledged challenges such as inflation, security concerns, and global financial instability but stressed that Nigeria’s recent economic reforms—including foreign exchange market adjustments, tax policy improvements, and fuel subsidy removal—have strengthened fiscal sustainability and pushed GDP growth to 3.4% in 2024.
Edun also emphasized the importance of greater regional collaboration and ECOWAS’ growing role in global economic discussions, highlighting ongoing engagements with South Africa’s G20 presidency as an avenue for aligning West Africa’s economic objectives with the broader African agenda.
“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” he stated.
The launch of the Eco currency is expected to enhance trade, investment, and financial integration across West Africa, positioning the region as a stronger player in the global economy. As ECOWAS pushes forward with its ambitious timeline, financial experts and policymakers continue to refine strategies to ensure a smooth transition and successful implementation by 2027.
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