ECOWAS moves to fast-track ECO currency launch

The Economic Community of West African States (ECOWAS) has directed its Commission to immediately convene a meeting of the President’s Task Force to fast-track the process towards the launch of the ECO, the bloc’s planned single currency.

This is according to a statement issued by ECOWAS on its official Twitter (X) handle on Tuesday, following the 14th Session of the Convergence Council held by videoconference on September 7, 2026.

The meeting assessed progress toward establishing the ECOWAS Single Currency and reviewed outstanding requirements ahead of the proposed July 1, 2027 rollout date.

What they are saying

According to the Commission, the Council considered the report of the 68th Meeting of the Committee of Governors (CoG) of ECOWAS central banks held on September 4, 2026.

The governors’ meeting followed the 3rd Joint Meeting of the Technical Committee on Macroeconomic Policies of the ECOWAS Commission and the Technical Committee on Economic and Monetary Affairs of the West African Monetary Agency (WAMA), which took place between August 31 and September 2, 2026.

To maintain momentum, the Convergence Council directed the ECOWAS Commission to urgently convene a meeting of the Presidents’ Task Force to accelerate implementation efforts.

• “The Council requested ECOWAS Commission to immediately convene the Meeting of the President Task Force to fast track the process,” the statement noted.

The move is expected to strengthen coordination among member states and address any remaining technical and institutional challenges ahead of the planned launch.

Progress evaluation

ECOWAS said the meetings examined the economic performance of member states, reviewed their convergence status, and evaluated progress made on the remaining conditions required for the launch of the ECO.

• “The meetings reviewed the economic performance and convergence status of Member States and assessed progress on the outstanding requirements for the launch of the ECO,” the Commission stated.

Following the review, participants concluded that the target date remains realistic.

• “Participants noted that the objective of launching the ECO in 2027 remains achievable,” ECOWAS added.

Get up to speed

ECOWAS leaders recently reaffirmed their commitment to introducing the ECO in 2027 during the 69th Ordinary Session of the Authority of Heads of State and Government held in Lungi, Sierra Leone.

In its final communiqué, the Authority described the single currency as a key instrument for deepening regional economic integration, boosting intra-regional trade, and promoting sustainable and inclusive growth across West Africa.

Under the planned framework, the ECO will initially be adopted by member states that satisfy the agreed macroeconomic convergence criteria, while countries that fall short will receive support to enable them to join at a later stage.

The Authority also welcomed the registration of the “ECO” name with the African Intellectual Property Organisation and directed the Commission to secure additional trademark protections with other regional and international intellectual property bodies.

What you should know

Efforts to launch the ECO gathered momentum earlier this year when central bank governors from 12 West African countries, including the Central Bank of Nigeria (CBN), met in Monrovia, Liberia, to advance technical and institutional preparations for the regional currency.

The three-day meeting focused on policy harmonisation, governance structures, and operational frameworks required to support the currency’s rollout.

The ECO project is expected to strengthen monetary cooperation, facilitate cross-border trade, reduce transaction costs, and accelerate economic integration among ECOWAS member states.