The Economic Community of West African States (ECOWAS) is ramping up preparations to introduce its single currency, ECO, following a consensus reached during its 65th Ordinary Session.
This announcement was made in a communiqué released after the 66th ordinary session of the heads of state and government meeting, which was held in Abuja on Sunday.
Initially scheduled for launch in 2020, the rollout of the ECO was postponed due to the impact of the coronavirus pandemic. The new target date for its introduction is now set for 2027.
The Authority confirmed that it has adopted selection criteria proposed by the High-Level Committee to identify member states that will initially adopt the ECO and those that may join later. In collaboration with the West African Monetary Agency (WAMA), it has tasked the Commission to integrate these criteria into the protocol for establishing the ECOWAS Monetary Union Agreement.
Additionally, the Authority endorsed the High-Level Committee’s recommendations regarding the financial aspects—costs, funding sources, and modalities—necessary for implementing the reforms and institutions required for the ECO’s launch.
Member states and central banks have been urged to take immediate action to fulfil their financial commitments to operationalise these institutions once the official launch date for the ECOWAS single currency is confirmed.
