ECOWAS Citizens To Spend ECO Single Currency From 2027
The Economic Community of West African States ECOWAS has reaffirmed its commitment to launching the ECO single currency in 2027, with a phased approach where member states meeting macroeconomic convergence criteria will adopt the currency first while others received support to join later.
The decision was one of the key resolutions reached at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone, on Sunday, under the chairmanship of Sierra Leonean President Julius Maada Bio.
In the final communiqué, the Authority stated: “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”.
The regional bloc welcomed the registration of the name “ECO” with the African Intellectual Property Organisation and directed the ECOWAS Commission to secure trademark protection with other regional and international intellectual property bodies.
ECOWAS noted that West African economies remained resilient despite global economic challenges, projecting a favourable outlook for 2026 supported by declining inflation, lower public debt-to-GDP ratios, and a widening current account surplus, though fiscal deficits remained a concern.
The Authority also approved Guinea’s request to join the Presidential Task Force on the ECOWAS Single Currency Programme and instructed the commission to convene a meeting of the task force before the December 2026 summit.
On security, ECOWAS endorsed a revised roadmap for the activation of the ECOWAS Counterterrorism Brigade, with full operational capability expected by July 2027.
The bloc urged member states to clear outstanding Community Levy arrears to fund the regional counterterrorism force and strongly condemned the increasing spate of banditry, kidnappings and abductions of schoolchildren, particularly in Northern Nigeria.
It expressed solidarity with Nigerians and commended President Bola Tinubu for the swift actions taken to secure the release of victims and the measures put in place to combat the menace.
On relations with the Alliance of Sahel States, ECOWAS extended the mandate of its Chief Negotiator, Dr Lansana Kouyaté, until December 2026 and reaffirmed that negotiations with Burkina Faso, Mali and Niger would continue only on a collective basis.
The Authority expressed concerns over worsening insecurity in the Sahel and Lake Chad Basin, condemning attacks by terrorist groups and approving the revised counterterrorism roadmap.
The leaders also condemned recent xenophobic attacks against West Africans in South Africa and raised concerns over the humanitarian impact of conflict, terrorism, displacement, climate-related disasters and food insecurity.
They directed the ECOWAS Commission to strengthen humanitarian coordination and resource mobilisation while also highlighting concerns over food insecurity and rising fertiliser prices, while calling for an accelerated implementation of the ECOWAS Rice Agenda and Regional Rice Roadmap to boost food production.
The Authority reaffirmed its commitment to the ECOWAS Protocol on Free Movement of Persons, stressing the importance of preserving cross-border mobility, facilitating trade and strengthening regional economic cooperation.
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