ECOWAS and East African Community advance single‑currency projects

The West African bloc ECOWAS reaffirmed its plan to launch a single regional currency, the Eco, in 2027. The initiative aims to deepen market integration for the twelve member states remaining after Mali, Burkina Faso and Niger left the group. It seeks to lower transaction costs, attract investment and strengthen financial stability for a market of over 400 million people and a combined GDP exceeding $800 billion. The rollout faces significant challenges, including meeting macro‑economic convergence criteria on inflation, public‑debt and fiscal deficits, and addressing the future role of the CFA franc, which is still linked to the euro.

At the same time, governors of central banks from the East African Community (EAC) reiterated their commitment to introduce a single currency for the region by 2031. The pledge was made at the 29th meeting of the EAC Monetary Affairs Committee in Kampala, chaired by Bank of Uganda Governor Michael Atingi‑Ego. Officials noted that partner states are still behind schedule on key convergence targets, while external pressures such as geopolitical tensions and volatile commodity prices strain economies. Despite these headwinds, the region has shown resilience, with IMF forecasts projecting growth of around 5.3 % in 2025, 5.4 % in 2026 and 5.6 % in 2027.