The Economic Community of West African States (ECOWAS) is expediting efforts to establish its long-envisioned regional currency, the “eco.”
This renewed commitment was underscored in a statement issued at the conclusion of the 66th ECOWAS Summit in Abuja, Nigeria.
The summit gathered regional leaders who urged member states and central banks to secure the financial contributions necessary for the currency’s implementation.
The statement emphasized strict adherence to timetables for creating institutions critical to the eco’s establishment and operation by 2027.
The “eco” aims to simplify trade by replacing the current patchwork of national currencies, which inflate transaction costs across the region.
ECOWAS leaders believe the new currency will boost economic integration and enhance the financial well-being of member states.
Previously, eight countries, including Benin, Mali, and Senegal, pledged to transition to the eco by 2020 but faced delays.
Meanwhile, nations like Nigeria, Ghana, and Sierra Leone opposed the earlier timeline, citing economic disparities and policy concerns.
The eco also represents a symbolic shift, marking the end of the CFA franc, a vestige of French colonial influence in West Africa.
With the eco, ECOWAS seeks to foster unity and economic resilience, signaling a bold step towards regional self-reliance and progress.
