Finance Ministers and Central Bank Governors of ECOWAS member states have renewed calls for the establishment of a single regional currency to advance economic integration and improve livelihoods across the West African region.
The call was made during the 11th meeting of the ECOWAS Convergence Council, comprising Finance Ministers and Central Bank Governors of member states, held in Abuja, Nigeria’s capital.
The meeting examined the Report of the ECOWAS Macroeconomic Policy Technical Committee meeting as well as important issues such as the status of implementation of the ECO Roadmap.
The creation of the single currency “Eco” at the heart of discussions at the 11th Session of the Convergence Council of ECOWAS Ministers…https://t.co/647iDB3460
— Ecowas – Cedeao (@ecowas_cedeao) March 4, 2025
— Ecowas – Cedeao (@ecowas_cedeao) March 4, 2025
Speaking at the opening ceremony, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Adebayo Olawale Edun, stressed that having a single regional currency will help consolidate economic growth and enhance integration across West Africa.
He emphasised the need for monetary and fiscal discipline, noting that “security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence. Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements, and fuel subsidy removal, have helped boost GDP growth to 3.4% in 2024, thereby improving fiscal sustainability.
“The ongoing engagements with South Africa’s G20 presidency as an opportunity to align West Africa’s economic priorities with broader African goals. This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” he said.
ECOWAS Pushes for Single Currency, Economic Stability
The 11th ECOWAS Convergence Council convened in Abuja, bringing together Ministers of Finance and Central Bank Governors to discuss regional economic integration and the planned Eco currency launch by 2027. The Honourable… pic.twitter.com/GZlOU7yd7a
— Federal Ministry of Finance (@FinMinNigeria) March 3, 2025
Given the global economic context marked by trade tensions, persistent inflationary pressures and a deterioration in public finances, the President of the ECOWAS Commission, Dr Omar Alieu Touray said: “This situation calls for coordinated fiscal and monetary policies to strengthen the resilience of our economies,” he said.
With the successful implementation of the Eco currency, West Africa will cement its position as a major player in the global economy, driving growth, innovation, and opportunities for generations to come.
The Eco is the proposed name for the single currency, which was coined by the West Africa Monetary Zone, WAMZ, set up in 2000 by the Anglophone countries of West Africa and Guinea.
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