ECOWAS Targets 2027 for Launch of Single Currency, ECO

December 23, 2024

The Economic Community of West African States (ECOWAS) has announced 2027 as the new target for launching its single currency, the ECO.

Initially scheduled for 2020, the launch was delayed due to the COVID-19 pandemic. At a recent meeting in Abuja, ECOWAS leaders reaffirmed their commitment to the initiative, which aims to enhance regional trade and economic growth.

Key decisions included approving criteria for selecting member states for the ECO's introduction and establishing a framework for financing and institutional reforms. The transition will likely begin with designated ECO zones where national currencies are pegged to the new currency, eventually leading to full adoption across the region.

ECOWAS also highlighted the need for collaboration with technical and financial partners to ensure a smooth implementation. Additionally, leaders emphasized the importance of agricultural development in driving socio-economic progress and approved plans for regional initiatives focused on livestock farming and rice self-sufficiency.

The ECO is expected to reduce trade barriers, lower costs, and boost economic prosperity for the 15 membe

r states.