ECOWAS Confirms ECO Currency Launch for 2027

The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching the ECO single currency in 2027, a significant step towards deeper economic integration and stronger regional trade. This decision was made during the 69th ordinary session of ECOWAS heads of state and government, held in Lungi, Sierra Leone, under the chairmanship of President Julius Maada Bio.

The final communiqué issued on Tuesday emphasized that despite global economic challenges, the region's economy remains resilient, with a favorable outlook for 2026. The communiqué also noted the need for member states to meet convergence criteria to qualify for the ECO, with support provided for those yet to qualify.

Additionally, ECOWAS condemned the increasing insecurity in the Sahel and Lake Chad Basin, particularly the rise in banditry and kidnappings in northern Nigeria, and expressed solidarity with the Nigerian government. The organization also reaffirmed its commitment to the free movement of persons and the need to strengthen economic cooperation among member states.