ECOWAS Insists On Launching ECO Single Currency In 2027

The Economic Community of West African States has reaffirmed its commitment to launching the long-awaited single regional currency, the ECO, in 2027.

The regional bloc described it as a major step towards deeper economic integration, stronger regional trade and sustainable growth across West Africa.

The decision was one of the major outcomes of the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held on Sunday in Lungi, Sierra Leone, under the chairmanship of Sierra Leonean President Julius Maada Bio.

In a final communiqué issued on Tuesday, following the end of the summit, the leaders said ECOWAS economies remained resilient despite global economic challenges and projected a favourable outlook for 2026, supported by declining inflation, lower public debt-to-GDP ratios and a widening current account surplus, although fiscal deficits remain a concern.

On the single currency programme, the Authority declared that “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.”

According to the communiqué, the ECO will initially be adopted by member states that meet the agreed convergence criteria, while countries yet to qualify will receive support to enable them join the regional currency at a later stage.

The Authority welcomed the registration of the name “ECO” with the African Intellectual Property Organisation and directed the Commission to secure trademark registration with other regional and international intellectual property bodies.

Beyond the currency programme, expressing concern over worsening insecurity in the Sahel and Lake Chad Basin, the Authority condemned attacks by terrorist groups and endorsed the revised roadmap for activating the ECOWAS Counterterrorism Brigade, with full operational capability expected by July 2027.

Member states were urged to clear outstanding Community Levy arrears earmarked for financing the regional counterterrorism force.

The communiqué specifically “strongly condemns the increasing spate of banditry, kidnappings and abductions of school children, particularly in Northern Nigeria.”

It also “expresses its solidarity with the people of the Federal Republic of Nigeria and commends President Bola Ahmed TINUBU for the swift actions taken to secure the release of victims and the measures put in place to combat the menace.”

The Authority also highlighted worsening humanitarian conditions caused by conflict, terrorism, displacement, climate-related disasters and food insecurity, directing the Commission to strengthen resource mobilisation and coordinate humanitarian responses, including support for voluntary return of migrants from North Africa.

On relations with the Alliance of Sahel States, ECOWAS extended the mandate of Chief Negotiator Dr. Lansana Kouyaté until December 2026 and reaffirmed that negotiations with Burkina Faso, Mali and Niger would continue only as a unified bloc.

The leaders also raised concerns over food insecurity and rising fertiliser prices affecting agricultural productivity across parts of the region. They welcomed measures taken by member states to cushion the impact of the fertiliser crisis and called for accelerated implementation of the ECOWAS Rice Agenda and Regional Rice Roadmap to reduce food imports and strengthen regional food sovereignty.

The Authority reaffirmed its commitment to the ECOWAS Protocol on Free Movement of Persons, Right of Residence and Establishment, stressing the need to preserve regional mobility, facilitate cross-border trade and strengthen economic cooperation. It also said ongoing engagements with the Alliance of Sahel States should safeguard regional movement and economic exchanges.

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