LUNGI — West African leaders have confirmed plans to launch the long-awaited ECOWAS single currency, ECO, in 2027 as part of efforts to deepen regional economic integration.
The decision was announced at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone, on July 19, 2026.
In a communiqué issued at the end of the summit, the leaders reiterated their “firm commitment” to the introduction of the ECO, describing it as a key instrument for promoting sustainable growth and economic stability across the region.
“The Authority reiterates its firm commitment to the launch of the ECO in 2027,” the statement said.
According to the leaders, the rollout of the single currency will begin with member states that meet the required economic convergence criteria, while support will be provided to others to join later.
The summit also directed the ECOWAS Commission and regional financial institutions to intensify consultations with central bank governors to resolve outstanding issues ahead of the launch.
Leaders further welcomed the official registration of the name “ECO” with the African Intellectual Property Organisation, marking a key step toward implementation.
The single currency initiative is seen as central to ECOWAS’ goal of strengthening trade, reducing transaction costs and enhancing economic cooperation among member states.
Despite global economic pressures, the Authority noted that the region’s economic outlook remains positive, supported by declining inflation, improved fiscal indicators and steady growth projections.
Analysts say the successful launch of the ECO could transform West Africa’s economic landscape by boosting intra-regional trade and financial integration.
The ECOWAS Commission has been tasked with accelerating preparations and reporting progress ahead of the next summit scheduled for December 2026.
