ECOWAS commits to launching West African single currency ECO in 2027

The Economic Community of West African States (ECOWAS) reaffirmed its commitment to introduce the single regional currency, the ECO, in 2027. Leaders gathered at the 69th ordinary session in Lungi, Sierra Leone, agreed that the rollout will be gradual, limited at first to member states that meet the convergence criteria. Those criteria include a fiscal deficit below 3 % of GDP, inflation under 10 %, public debt not exceeding 70 % of GDP and foreign‑exchange reserves covering at least three months of imports. Countries that satisfy these thresholds will adopt the ECO in the first phase, while others will receive support to join later. The name “ECO” has been registered with the African Intellectual Property Organization, and the ECOWAS Commission has been tasked with securing further trademark protection. The summit also addressed regional security, condemning rising banditry and kidnappings, particularly in northern Nigeria, and endorsed steps to operationalise a counter‑terrorism brigade by July 2027. The decision marks a shift from earlier plans for a simultaneous launch across all members, reflecting persistent macro‑economic divergences, especially in Nigeria, Ghana and other non‑UEMOA economies.