ECOWAS sets 2027 deadline for long-awaited single currency launch
The Economic Community of West African States (ECOWAS) has announced plans to introduce its common currency, the Eco, by 2027, marking a significant step forward in regional economic integration.
This decision, revealed by ECOWAS Commission President Dr. Omar Alieu Touray during meetings in Banjul, comes after more than two decades of delays and represents a major shift in strategy for the 15-member bloc.
In a departure from previous approaches, ECOWAS will no longer require all member states to meet strict economic convergence criteria simultaneously.
Instead, countries demonstrating readiness will adopt the Eco first, while others receive transitional support to achieve compliance.
This flexible framework aims to overcome persistent disparities in macroeconomic performance among member nations, particularly between economic heavyweights like Nigeria and smaller economies in the region.
The revived Eco project reflects growing regional determination to strengthen economic sovereignty amid global uncertainties.
A successful implementation could significantly boost intra-regional trade, currently languishing below 15% of total commerce, while reducing the estimated $5 billion spent annually on currency conversions across West Africa.
However, substantial challenges remain, including the complex task of harmonizing monetary policies and exchange rate mechanisms across diverse economies.
The 2027 timeline, while ambitious, signals renewed political commitment to an initiative that could transform West Africa’s economic landscape if successfully realized.
Sam OKAFOR
