ECOWAS Confirms 2027 Launch Plan for ECO Single Currency

The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launch the long-awaited ECO single currency in 2027.

The decision was announced at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone, under the chairmanship of President Julius Maada Bio.

In a communiqué issued after the summit, ECOWAS said the ECO would strengthen regional economic integration and promote sustainable economic growth across member states.

The bloc explained that only countries that meet the agreed economic convergence criteria will adopt the currency first, while others will receive support to join later. It also confirmed that the name “ECO” has been registered with the African Intellectual Property Organisation.

ECOWAS projected a stronger regional economy in 2026, citing lower inflation, declining public debt levels and an improving current account balance, although it warned that fiscal deficits remain a challenge.

On security, leaders approved a revised roadmap for the ECOWAS Counterterrorism Brigade, with full operations expected by July 2027. They also condemned rising banditry, kidnappings and school abductions in Northern Nigeria, praising President Bola Tinubu for efforts that led to the rescue of victims.

The regional bloc also condemned repeated xenophobic attacks on West African citizens in South Africa and urged the South African government to ensure the safety of foreign nationals. It backed Ghana’s proposal to raise the issue before the African Union.

ECOWAS extended the mandate of its chief negotiator, Dr. Lansana Kouyaté, until December 2026 to continue discussions with Burkina Faso, Mali and Niger, insisting that negotiations should be conducted collectively.

The leaders also warned member states against entering separate trade agreements that could weaken the ECOWAS Customs Union. They welcomed the African Atlantic Gas Pipeline agreement and thanked China for building and donating the new ECOWAS headquarters in Abuja.

During the summit, General Birame Diop of Senegal was appointed President of the ECOWAS Commission for the 2026–2030 term, while Senegal’s President Bassirou Diomaye Faye was elected Chairman of the ECOWAS Authority for a one-year tenure.