The Economic Community of West African States (ECOWAS) has moved to accelerate preparations for the launch of the ECO, the bloc’s proposed single currency, with member states working towards a July 1, 2027 rollout.
The regional bloc directed its Commission to immediately convene a meeting of the Presidents’ Task Force to fast-track implementation of the single-currency project.
The directive followed the 14th Session of the ECOWAS Convergence Council, held by videoconference on September 7, 2026, where officials reviewed progress towards establishing the ECOWAS Single Currency and assessed outstanding requirements ahead of the proposed launch date.
According to a statement issued by ECOWAS on Tuesday, the Council considered the report of the 68th Meeting of the Committee of Governors (CoG) of ECOWAS central banks, held on September 4.
The governors’ meeting was preceded by the 3rd Joint Meeting of the Technical Committee on Macroeconomic Policies of the ECOWAS Commission and the Technical Committee on Economic and Monetary Affairs of the West African Monetary Agency (WAMA), held from August 31 to September 2.
Seeking to maintain momentum on the project, the Convergence Council directed the ECOWAS Commission to urgently bring together the Presidents’ Task Force.
“The Council requested ECOWAS Commission to immediately convene the Meeting of the President Task Force to fast track the process,” the Commission said.
The move is expected to strengthen coordination among member states while addressing outstanding technical, economic and institutional requirements ahead of the proposed rollout.
The Convergence Council also reviewed the economic performance of ECOWAS member states and their progress towards meeting the macroeconomic convergence requirements for participation in the single-currency programme.
ECOWAS said the meetings assessed member states’ economic performance, convergence status and progress on outstanding conditions required for the launch of the ECO.
“The meetings reviewed the economic performance and convergence status of Member States and assessed progress on the outstanding requirements for the launch of the ECO,” the Commission stated.
Following the assessment, participants maintained that the 2027 target remains within reach.
“Participants noted that the objective of launching the ECO in 2027 remains achievable,” ECOWAS added.
ECOWAS leaders recently reaffirmed their commitment to launching the ECO in 2027 at the 69th Ordinary Session of the Authority of Heads of State and Government in Lungi, Sierra Leone.
In its final communiqué, the Authority described the proposed single currency as an important instrument for deepening regional economic integration, increasing intra-regional trade and supporting sustainable and inclusive economic growth across West Africa.
Under the proposed framework, countries that meet the agreed macroeconomic convergence criteria would initially adopt the ECO, while member states that do not meet the requirements would be supported to achieve compliance and join at a later stage.
The Authority also welcomed the registration of the “ECO” name with the African Intellectual Property Organisation and directed the Commission to pursue additional trademark protection through other regional and international intellectual property bodies.
Preparations for the ECO gained further momentum earlier this year when central bank governors from 12 West African countries, including the Central Bank of Nigeria (CBN), met in Monrovia, Liberia, to advance technical and institutional preparations for the regional currency.
The three-day meeting focused on policy harmonisation, governance arrangements and operational frameworks needed to support the proposed rollout.
The ECO is ultimately expected to deepen monetary cooperation among participating countries, facilitate cross-border trade, lower transaction costs and strengthen economic integration across the ECOWAS region.
However, the success of the project will depend heavily on member states’ ability to meet the agreed convergence requirements and establish the institutional and monetary frameworks needed to support a common currency.
With the July 1, 2027 target approaching, the latest directive signals a renewed push by ECOWAS to resolve outstanding issues and move the long-delayed single-currency project closer to implementation.
