ECOWAS Plans to Launch Single Currency in 2027

 The Economic Community of West African States (ECOWAS) plans to launch a single regional currency, the "Eco" (ECO), in 2027, according to the final communiqué of the 69th Ordinary Session of the Authority of Heads of State and Government, which is in the possession of African Initiative.

"The Authority of Heads of State and Government of ECOWAS reaffirms its firm commitment to the launch in 2027 of the ECO [single currency] as a key instrument for deepening the region's economic integration and promoting sustainable and inclusive growth," the communiqué stated.

It specified that the implementation of the Eco "will begin with those countries that meet the convergence criteria and are ready to participate in the project." "At the same time, countries that are not yet ready will be provided with appropriate support to facilitate their subsequent accession to the single currency," the statement added.

The Authority also welcomed the registration of the name "ECO" with the African Intellectual Property Organization (OAPI) and instructed the ECOWAS Commission to register "ECO" as a trademark for the community's single currency with other regional and international intellectual property bodies.

Additionally, the Authority of Heads of State and Government of ECOWAS approved Guinea's request to join the Presidential Task Force on the Single Currency Program. The next meeting of the task force will take place before the next ECOWAS summit scheduled for December 2026.

Currently, five ECOWAS states use the euro-pegged West African CFA franc, while the remaining seven countries use their own national currencies.

ECOWAS comprises Benin, Cape Verde, Côte d'Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria, Senegal, Sierra Leone, and Togo. At the end of January 2024, Burkina Faso, Mali, and Niger decided to leave the community.