ECOWAS launches single currency
The ECOWAS leaders confirmed that in 2027, a single ECO currency will be introduced in the community as a key instrument for deepening regional economic integration. The decision was contained in the final communiqué of the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, held on July 19 in Freetown.
The introduction of ECO will be gradual. The process should start with those countries that meet the established macroeconomic convergence criteria and are ready to participate. Countries not yet ready will receive appropriate support to facilitate their subsequent accession to the single currency.
To qualify for the monetary union, member states must meet benchmarks including maintaining a budget deficit of no more than 3 percent of GDP, keeping annual inflation below 10 percent, and holding gross external reserves equivalent to at least three months of import cover.
The ECO trademark is registered with the African Intellectual Property Organization. Initially, the introduction of a single currency in the ECOWAS zone was planned for 2020, but it has already been postponed several times.
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