| By: Francis Onyemachi
The Economic Community of West African States, ECOWAS, says it remains committed to launching the long-awaited single regional currency, the ECO, in 2027, describing it as a major step towards deeper economic integration, stronger regional trade and sustainable growth across West Africa.
The decision was revealed at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held on Sunday in Lungi, Sierra Leone, under the administration of Sierra Leonean President Julius Maada Bio.
The leaders, in a final communiqué issued on Tuesday following the end of the summit, said ECOWAS economies remained resilient despite global economic challenges and projected a favourable outlook for 2026, supported by declining inflation, lower public debt-to-GDP ratios and a widening current account surplus, although fiscal deficits remain a concern.
According to the communique, the Authority declared:
“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 ECO will initially be adopted by member states that meet the agreed convergence criteria, while countries yet to qualify will receive support to enable them to join the regional currency at a later stage.
The Authority welcomed the registration of the name “ECO” with the African Intellectual Property Organisation and directed the Commission to secure trademark registration with other regional and international intellectual property bodies.
Meanwhile, the Authority expressed concern over worsening insecurity in the Sahel and Lake Chad Basin, condemning attacks by terrorist groups while endorsing the revised roadmap for activating the ECOWAS Counterterrorism Brigade, with full operational capability expected by July 2027.
On Nigeria’s insecurity crisis, the communiqué condemned the increasing rate of banditry, kidnappings and abductions of school children, particularly in Northern Nigeria.
The Authority commended President Bola Ahmed Tinubu for the swift actions taken to secure the release of victims and the measures put in place to combat the menace.
The Authority also highlighted worsening humanitarian conditions caused by conflict, terrorism, displacement, climate-related disasters and food insecurity, directing the Commission to strengthen resource mobilisation and coordinate humanitarian responses, including support for voluntary return of migrants from North Africa.
