ECOWAS reaffirms plan to rollout ECO single currency in 2027

West African leaders have reaffirmed their commitment to launching the long-awaited single regional currency, the ECO, in 2027. This move is described as a significant step toward deeper economic integration and fostering sustainable growth across the region. The decision was a key outcome of the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, held in Lungi, Sierra Leone. The leaders' communiqué highlighted that ECOWAS economies remain resilient despite global economic challenges, with a favorable outlook projected for 2026. However, fiscal deficits remain a concern. The ECO currency will initially be adopted by member states meeting agreed convergence criteria, with support provided for others to join later. The registration of the "ECO" name with the African Intellectual Property Organisation was welcomed. Beyond economic integration, the summit addressed worsening insecurity in the Sahel and Lake Chad Basin. Leaders condemned terrorist attacks and endorsed a revised roadmap for activating the ECOWAS Counterterrorism Brigade, aiming for full operational capability by July 2027. They urged member states to clear outstanding Community Levy arrears to finance the regional force. The communiqué specifically condemned banditry and kidnappings in Northern Nigeria, expressing solidarity with the country and commending President Bola Ahmed Tinubu's actions. Humanitarian conditions, exacerbated by conflict, terrorism, displacement, climate disasters, and food insecurity, were also highlighted. The Commission was directed to strengthen resource mobilization and coordinate humanitarian responses. ECOWAS also extended the mandate of its Chief Negotiator for relations with the Alliance of Sahel States until December 2026.

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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.