The Economic Community of West African States (ECOWAS) remains committed to launching the ECO single currency in 2027.
Meeting on July 19 in Lungi, Sierra Leone, Heads of State and Government agreed that only countries meeting the economic convergence criteria will take part in the first phase of the project.
Presented as a key driver of regional integration, the ECO is expected to promote more sustainable, resilient, and inclusive growth. Countries that do not yet meet the macroeconomic requirements will receive support to gradually join the monetary union.
The decision marks a shift in approach following the Abuja Summit in December 2025, where leaders voiced concerns over delays in the project's roadmap and the difficulties faced by several countries in meeting the convergence criteria. They then called for faster economic reforms and the reactivation of the Presidential Task Force overseeing the initiative.
In Lungi, Heads of State welcomed the consultations between the ECOWAS Commission and Central Bank Governors aimed at reaching a consensus on the remaining technical issues. They also praised the registration of the "ECO" trademark with the African Intellectual Property Organization (OAPI), describing it as a major step toward the implementation of the future currency.
The Summit also approved Guinea's request to join the Presidential Task Force on the single currency. The ECOWAS Commission has been tasked with convening the body before the December 2026 Summit, in collaboration with the President of Côte d'Ivoire, the only remaining serving member of the group.
Leaders also instructed the ECOWAS Commission and the West African Monetary Agency (WAMA) to intensify discussions with Central Banks to remove the remaining technical obstacles and continue the international registration process for the "ECO" trademark.
A Project Facing Major Challenges
The ECO aims to replace the various national currencies with a single currency for all ECOWAS member states. However, the region remains divided between several monetary systems.
Eight members of the West African Economic and Monetary Union (WAEMU) use the CFA franc, while other countries maintain their own currencies, including the Nigerian naira, Ghanaian cedi, Guinean franc, Liberian dollar, Gambian dalasi, Sierra Leonean leone, and Cape Verdean escudo.
The project must also adapt to the region's evolving geopolitical landscape. Although Burkina Faso, Mali, and Niger have withdrawn from ECOWAS, the three countries remain members of WAEMU and continue to use the CFA franc. The final communiqué does not specify the role they may play in the future regional monetary system, leaving uncertainty over how their WAEMU membership will align with the gradual rollout of the ECO.