By Abiola Olawale
The Economic Community of West African States (ECOWAS) has revealed an ambitious roadmap to launch its long-anticipated single currency, the Eco, by 2027.
The announcement was made during the 11th ECOWAS Convergence Council meeting held in Abuja. The Council is a gathering financial leaders, ministers of finance, and central bank governors from across the region to discuss strategies for deeper economic integration.
The New Diplomat reports that Eco currency, a project decades in the making, aims to replace the diverse national currencies of ECOWAS member states, fostering seamless trade, reducing transaction costs, and strengthening economic stability in West Africa.
Chairing the session, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stressed the importance of monetary and fiscal discipline in achieving the Eco currency.
He highlighted the impact of security challenges, inflation, and global economic disruptions as key obstacles slowing down progress toward full monetary convergence.
He emphasised ongoing engagements with South Africa’s G20 presidency, which present a strategic opportunity to align West Africa’s economic agenda with broader African economic objectives.
“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Edun concluded.
