ECOWAS reaffirms commitment to ECO currency and Regional Central Bank

Foreign Affairs Minister Samuel Okudzeto Ablakwa has reiterated the Economic Community of West African States’ (ECOWAS) unwavering commitment to launching the ECO, a single regional currency, and establishing a regional central bank by 2027. This initiative aims to bolster economic integration and financial stability across member states.

At a press conference in Accra on Monday, April 21, the Minister encouraged citizens of ECOWAS countries to “keep hope alive,” stressing that the long-anticipated monetary union remains a priority on the bloc’s agenda.

“The vision is alive. It hasn’t been abandoned. It hasn’t been deserted,” Ablakwa declared.

The idea of a single currency for West Africa was first proposed in the 1980s, gaining significant momentum in 2003 when ECOWAS introduced the roadmap for the “ECO.” The goal was to establish a common monetary zone similar to the Eurozone, enhancing trade, eliminating currency conversion hurdles, and increasing economic resilience across the region.

Though the project has seen several missed deadlines, most recently in 2020 due to macroeconomic divergence and the global impact of the COVID-19 pandemic, Mr. Ablakwa insists the political will to achieve it is stronger than ever.

According to the Minister, the main challenge lies in building a common convergence platform, a critical requirement for member states to align their fiscal and monetary policies. He added that “preliminary structures have been put in place,” and discussions around macroeconomic convergence criteria are ongoing.

“In the shortest possible time, we shall have a common currency, a common standby force, and common institutions that will help us attain full integration,” he assured.

As ECOWAS marks its 50th anniversary in 2025, the Minister said the golden jubilee year presents an opportune moment to reenergize regional efforts toward deeper integration. Celebrations will officially begin in Accra from April 21 to 26, with heads of state arriving for the ECOWAS@50 launch and the unveiling of a commemorative logo.

Foreign Affairs and Finance Ministers of member states are expected to meet during the week to discuss pressing regional matters, including the establishment of a central platform to eliminate trade barriers and deepen economic cooperation. A report on the political situations in Mali, Niger, and Burkina Faso, currently under military rule will also be presented to the regional leadership.

The push for the ECO currency is part of a broader ambition to create shared institutions across West Africa, including a central bank, common security architecture, and a unified regional market.

Ablakwa reiterated that the ideals envisioned by the ECOWAS founding fathers, economic integration, political stability, and collective development, are still very much on course.

-thehighstreetjournal.com