The Economic Community of West African States (ECOWAS) has reiterated its commitment to launching a single regional currency, the Eco, by 2027.
This is said to be part of efforts to strengthen economic integration and financial stability across member states.
The development is contained in a statement on Monday by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, following the 11th ECOWAS Convergence Council meeting in Abuja.
The high-level meeting, which convened Finance Ministers and Central Bank Governors from ECOWAS member states, focused on strategies to fast-track the long-awaited introduction of the regional currency.
Chairing the session, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised the importance of monetary and fiscal discipline in achieving the Eco currency.
He highlighted security challenges, inflation, and global economic disruptions as key factors slowing down progress towards full monetary convergence.
Despite these hurdles, Edun noted that Nigeria’s recent economic reforms—including foreign exchange market stabilization, tax policy improvements, and fuel subsidy removal—have boosted the country’s GDP growth to 3.4% in 2024, setting a positive trajectory for regional economic stability.
Beyond national policy adjustments, Edun stressed the need for stronger regional economic coordination and deeper ECOWAS engagement in shaping global financial policies.
He pointed to ongoing collaborations with South Africa’s G20 presidency, describing them as a strategic opportunity to align West Africa’s economic agenda with broader African development goals.
Edun stated, “This is our opportunity to shape the future of our region.
“We must work together to drive economic stability, growth, and prosperity.”
Once launched, the Eco is expected to:
– Boost trade and economic integration by creating a unified payment system;
– Enhance price stability and reduce inflationary pressures;
– Attract foreign direct investment (FDI) by presenting a more stable economic bloc;
– Improve cross-border transactions, making it easier for businesses to operate seamlessly across West Africa.
With a 2027 target set, ECOWAS leaders are intensifying efforts to harmonise fiscal and monetary policies necessary for the smooth rollout of the currency, aiming to deepen regional cooperation and position West Africa as a formidable economic force.
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ECOWAS Reaffirms Plans to Launch Single Currency, the Eco