The Economic Community of West African States (ECOWAS) has reiterated its commitment to launching the long-awaited single regional currency, the ECO, in 2027.
The decision was announced after a meeting of regional finance ministers in Abuja. Proponents say the single currency will boost trade and economic integration across the 15-member bloc, reducing reliance on foreign currencies like the dollar.
For Nigeria, the largest economy in the region, the ECO could help stabilise the naira and lower transaction costs for businesses.
However, sceptics note that the deadline has been missed multiple times due to political and economic hurdles.
Key convergence criteria—like inflation and deficit targets—remain unmet by most countries. While the ambition is noble, ordinary West Africans will need more than promises.
If the ECO is to succeed, member states must harmonise fiscal policies and build trust. Otherwise, it may remain a dream.
