West African leaders have reaffirmed their commitment to launching the long-awaited ECO single currency in 2027, while acknowledging that major technical and institutional hurdles still need to be cleared before it becomes a reality.
The pledge came during the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Lungi, Sierra Leone. In a communique issued after the summit, leaders described the ECO as a cornerstone of regional integration.
“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 communique said.
Rather than introducing the currency across all member states at once, ECOWAS now plans a phased rollout. Countries that meet the bloc’s macroeconomic convergence criteria will adopt the ECO first, while those that fall short will receive support to join the monetary union later.
According to reports from the summit, Sierra Leone, Liberia, Nigeria, Ghana, Guinea and The Gambia are currently among the countries best placed to join the first phase, provided they meet the agreed economic benchmarks and the remaining governance arrangements are finalized.
Leaders struck an optimistic tone about the region’s economic outlook. They said West African economies have remained resilient despite global headwinds and projected stronger growth in 2026, supported by easing inflation, declining public debt-to-GDP ratios and improving current account balances. Fiscal deficits, though, remain a challenge.
Several pieces of the institutional framework are still being put in place.
ECOWAS confirmed that the name “ECO” has now been registered with the African Intellectual Property Organisation (OAPI) and directed that it also be registered with other relevant international bodies. While largely symbolic, the move marks another step toward launching the currency.
More difficult questions remain unresolved, including the structure of the future central bank, the governance framework for the monetary union and how members of the West African Economic and Monetary Union, which currently uses the CFA franc, will fit into the new system.
To keep preparations on track, leaders approved Guinea’s request to join the Presidential Task Force on the ECOWAS Single Currency Programme. The ECOWAS Commission was instructed to convene the expanded task force before the bloc’s next Ordinary Summit in December 2026, working alongside the President of Côte d’Ivoire, who already serves on the body.
The Commission was also directed to step up consultations with central bank governors across the region to resolve the remaining governance issues ahead of the planned launch.
The currency project is moving forward against a changing political landscape. Burkina Faso, Mali and Niger have withdrawn from ECOWAS but remain members of the separate UEMOA monetary union. Leaders extended the mandate of ECOWAS chief negotiator Dr. Lansana Kouyaté through December 2026 and reaffirmed that discussions with the breakaway Alliance of Sahel States will continue through a unified regional approach.
The summit also ushered in new leadership. Senegal’s General Birame Diop was endorsed as President of the ECOWAS Commission for the 2026-2030 term, while Senegalese President Bassirou Diomaye Faye was elected Chairman of the ECOWAS Authority of Heads of State and Government for a one-year term.
With another technical task force meeting scheduled before the December 2026 summit, the ECO remains on course for its 2027 target. Still, much of the work lies ahead. The currency now has a protected name, but the institutions that will govern it are still being built.
By: Andrews Kwesi Yeboah