The Economic Community of West African States (ECOWAS) has announced its plan to introduce a single currency, the Eco, by 2027.
This was revealed during the 11th ECOWAS Convergence Council meeting held in Abuja, where financial leaders from the region gathered to discuss the progress of the initiative.
The meeting brought together Ministers of Finance and Central Bank Governors from ECOWAS member states.
Discussions centered on strategies to ensure the successful launch of the currency, which is expected to enhance economic cooperation and financial stability in the region.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who chaired the meeting, spoke about the need for sound financial policies to make the Eco currency a reality.
He noted that security issues, inflation, and global economic challenges have slowed down efforts to achieve monetary integration.
Edun also mentioned Nigeria’s recent economic policies, such as foreign exchange market reforms, tax policy improvements, and the removal of fuel subsidies.
According to him, these reforms have led to a 3.4% GDP growth in 2024, creating a positive outlook for regional economic stability.
Beyond national efforts, Edun called for stronger collaboration among ECOWAS countries to align their financial policies.
He also spoke about ongoing engagements with South Africa’s G20 presidency, which could help integrate West Africa’s economic goals with broader African financial strategies.
The Eco currency is expected to make trade easier among ECOWAS countries by establishing a common payment system, stabilizing prices, attracting more foreign investment, and simplifying cross-border transactions.
These benefits are expected to boost economic growth and make the region more attractive to investors.