The Economic Community of West African States (ECOWAS) has reaffirmed its commitment to launching the long-awaited ECO single currency in 2027, describing the initiative as a key step towards deeper regional integration, stronger intra-African trade and sustainable economic growth.

The decision was announced in the communiqué issued after the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone, under the chairmanship of President Julius Maada Bio.

According to the communiqué, “the authority reiterates its firm commitment to the launch of the ECO in 2027 as a key instrument for deepening regional economic integration and promoting sustainable, inclusive and resilient growth within the Community.”

ECOWAS said the currency would initially be adopted by member states that meet the agreed macroeconomic convergence criteria, while countries yet to qualify would receive support to join later. The Authority also welcomed the registration of the name “ECO” with the African Intellectual Property Organisation and directed the ECOWAS Commission to secure trademark protection with other regional and international intellectual property bodies.

The regional bloc noted that West African economies remained resilient despite global economic challenges, projecting a favourable outlook for 2026, supported by declining inflation, lower public debt-to-GDP ratios and a widening current account surplus, although fiscal deficits remain a concern.

On security, ECOWAS endorsed a revised roadmap for the activation of the ECOWAS Counterterrorism Brigade, with full operational capability expected by July 2027, and urged member states to clear outstanding community levy arrears to fund the regional force.

The Authority also “strongly condemns the increasing spate of banditry, kidnappings and abductions of school children, particularly in Northern Nigeria,” while expressing solidarity with Nigerians and commending President Bola Tinubu “for the swift actions taken to secure the release of victims and the measures put in place to combat the menace.”

The communiqué highlighted worsening humanitarian conditions caused by terrorism, conflict, climate-related disasters and food insecurity, directing the Commission to strengthen humanitarian interventions. It also extended the mandate of Chief Negotiator Dr Lansana Kouyaté until December 2026 to continue engagement with Burkina Faso, Mali and Niger as a bloc.

ECOWAS further reaffirmed its commitment to the protocol on the free movement of persons, warned against bilateral trade agreements that could undermine the regional Customs Union, called for reforms to reduce aviation costs, condemned xenophobic attacks against Africans in South Africa, and urged accelerated implementation of the ECOWAS Rice Agenda to improve food security.

The regional body also commended the peaceful conduct of elections in Benin, Guinea, Cabo Verde and Côte d’Ivoire, while calling on Guinea-Bissau’s transition authorities to restore constitutional order through credible and inclusive electoral processes. (The Sun)

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