ECOWAS Reaffirms 2027 Launch for Single Currency, Addresses Regional Security

The Economic Community of West African States (ECOWAS) has reaffirmed its dedication to launching the long-awaited regional currency, the ECO, by 2027. This decision, a key outcome of the 69th Ordinary Session of ECOWAS Heads of State and Government held in Lungi, Sierra Leone, signifies a major stride towards deeper economic integration, enhanced regional trade, and sustainable growth within West Africa.

During the summit chaired by Sierra Leonean President Julius Maada Bio, leaders acknowledged the resilience of ECOWAS economies despite global economic challenges. They projected a favorable outlook for 2026, citing declining inflation, reduced public debt-to-GDP ratios, and a widening current account surplus, although fiscal deficits remain a point of concern.

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the authority reiterates its firm commitment to the launch of the ECO in 2027 as a key instrument for deepening regional economic integration and promoting sustainable, inclusive and resilient growth within the Community.

The final communiqué stressed that the ECO will initially be adopted by member states meeting agreed convergence criteria. Countries not yet qualifying will receive support to eventually join the regional currency system. The registration of the name "ECO" with the African Intellectual Property Organisation was welcomed, and the commission was directed to pursue further trademark registrations.

Beyond economic integration, the ECOWAS leaders expressed grave concern over the escalating insecurity in the Sahel and Lake Chad Basin. They strongly condemned terrorist group attacks and endorsed a revised roadmap for activating the ECOWAS Counterterrorism Brigade, aiming for full operational capability by July 2027. Member states were urged to fulfill their financial commitments to support this regional force. The communiqué specifically condemned banditry and kidnappings in Northern Nigeria, expressing solidarity with the Nigerian people and commending President Bola Ahmed Tinubu's efforts to secure the release of victims and combat the menace.

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strongly condemns the increasing spate of banditry, kidnappings and abductions of school children, particularly in Northern Nigeria.