The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching the long-awaited single regional currency, the ECO, in 2027 as part of renewed efforts to deepen economic integration, facilitate cross-border trade and strengthen monetary cooperation across West Africa.
The decision was contained in a communiqué issued at the end of the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone.
The regional bloc said the ECO would initially be adopted by member states that meet the agreed macroeconomic convergence criteria, while other countries would receive technical and policy support to enable them join the monetary union subsequently.
"The Authority reiterates its firm commitment to the launch of the ECO in 2027," the communiqué stated.
To ensure a seamless implementation of the regional currency, the Authority directed the ECOWAS Commission and regional financial institutions to intensify consultations with central bank governors to address outstanding technical, financial and institutional issues ahead of the planned rollout.
ECOWAS also welcomed the official registration of the name "ECO" with the African Intellectual Property Organisation, describing the development as a significant milestone toward the implementation of the regional monetary initiative.
The leaders expressed optimism that the sub-region's economic outlook remains favourable despite prevailing global economic uncertainties, citing declining inflation, improving fiscal indicators and positive growth projections across member states.
The summit further mandated the ECOWAS Commission to accelerate all outstanding preparations for the currency's introduction and submit a progress report before the next Ordinary Session of the Authority scheduled for December 2026.
Meanwhile, the Authority expressed deep concern over the recurring xenophobic attacks in South Africa targeting Africans, particularly citizens of West African countries.
The regional leaders called on the South African government to take immediate and decisive steps to halt the attacks, protect the lives and property of foreign nationals and ensure those responsible are brought to justice.
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"The Authority urges the South African authorities to immediately arrest the situation and find a permanent solution, while ensuring the safety and protection of West African and all other African nationals residing in the country," the communiqué added.
ECOWAS also endorsed Ghana's decision to table the matter before the forthcoming African Union Assembly of Heads of State and Government to facilitate broader continental discussions aimed at finding a lasting solution to xenophobia and safeguarding the rights of Africans across the continent.
