The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching the long-awaited ECO single currency in 2027, describing the regional monetary project as a cornerstone of deeper economic integration, expanded intra-African trade and long-term economic resilience across West Africa.
The renewed commitment emerged from the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone, where regional leaders reviewed economic performance, security challenges and priorities for the bloc’s future. The summit also marked the handover of the rotating chairmanship to Senegal’s President Bassirou Diomaye Faye following the tenure of Sierra Leone’s President Julius Maada Bio.
In the summit’s final communiqué, leaders reiterated that the ECO would remain on course for its planned 2027 launch despite years of delays caused by economic divergence among member states and external shocks.
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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,” the communiqué stated.
The renewed political backing follows months of technical engagements by ECOWAS finance ministers and central bank governors. Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said fiscal discipline, monetary stability and structural reforms remain essential to achieving convergence ahead of the planned currency launch.
Edun noted that inflation, security challenges and global economic disruptions had slowed progress but insisted Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements and fuel subsidy removal, were strengthening macroeconomic stability while supporting regional integration.
He also urged member states to deepen policy coordination, saying a successful common currency would boost trade, investment and West Africa’s voice in global economic affairs.
ECOWAS leaders projected a favourable economic outlook for 2026, citing easing inflation, improving public debt levels and stronger external balances, while warning that fiscal deficits still require sustained reforms.
The summit also focused heavily on regional security, condemning rising terrorism, banditry, kidnappings and school abductions, particularly in northern Nigeria.
The Authority expressed solidarity with Nigeria and commended President Bola Tinubu for measures taken to rescue abducted victims and combat insecurity. Member states were also urged to settle outstanding Community Levy obligations to support financing for the proposed regional counter-terrorism force.
Leaders reaffirmed the ECOWAS Protocol on Free Movement of Persons, describing unrestricted mobility as essential for regional trade and economic cooperation. They also approved new regional measures on cybersecurity, digital governance, electronic communications and personal data protection.
The bloc raised concerns over food insecurity and rising fertiliser costs, urging faster implementation of the ECOWAS Rice Agenda to strengthen food security and reduce dependence on imports.
ECOWAS also welcomed progress on the African Atlantic Gas Pipeline project involving member states and Morocco, saying it would improve energy security, industrialisation and regional connectivity. It called for reforms to reduce aviation costs and encourage greater investment in transport infrastructure.
On diplomacy, the regional body extended negotiations with Burkina Faso, Mali and Niger through a unified engagement framework while expressing concern over political instability and humanitarian crises across West Africa. Leaders also condemned recurring xenophobic attacks against Africans in South Africa and called for stronger protection of foreign nationals.
The summit concluded with fresh appointments to ECOWAS institutions and renewed calls for member states to maintain economic discipline as preparations continue for the planned launch of the ECO in 2027.
