West African Leaders Set 2027 Target for ECO Single Currency

Leaders of the Economic Community of West African States (ECOWAS) have reaffirmed plans to launch the ECO single currency in 2027 as part of efforts to deepen regional economic integration and boost trade across West Africa.

The decision was reached during the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Sierra Leone.

According to the regional bloc, countries that meet the required economic benchmarks will adopt the currency first, while others will receive support to join later.

ECOWAS said the common currency is expected to promote economic stability, strengthen regional cooperation, and encourage sustainable growth among member states.

The bloc also expressed concern over rising insecurity in the region, including terrorism, banditry, kidnappings, and attacks on communities.

It endorsed plans to operationalise a regional counterterrorism force by 2027 and urged member states to clear outstanding financial commitments needed to support the initiative.

The organisation commended Nigeria’s efforts in tackling insecurity and securing the release of kidnapping victims, while calling for stronger collaboration among member states to address security challenges.

In addition, ECOWAS reaffirmed its commitment to free movement, regional trade, food security, digital development, and major infrastructure projects such as the Nigeria–Morocco Atlantic Gas Pipeline.

The summit also elected Senegalese President Bassirou Diomaye Faye as the new Chairman of the ECOWAS Authority of Heads of State and Government for a one-year term.

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