As ECOWAS clocks 50 years, leaders are once again pushing for the long-awaited single regional currency, the ECO. Omar Touray, president of the ECOWAS Commission, confirmed that 2027 is now the official launch year — but unlike before, the roll-out will be gradual. “We will no longer wait for all countries to meet convergence criteria,” Touray said, noting that those ready will move first while others catch up later.
The approach mirrors a 2020 proposal by Ivorian President Alassane Ouattara, who suggested that CFA franc zone countries with stronger economic indicators could lead the way. Côte d’Ivoire, in particular, has positioned itself as the front-runner. Ouattara has tied his political campaign to the ECO project, highlighting his country’s stable growth, well-managed inflation, and robust reserves. Officials say the fiscal deficit is also trending down, bringing the nation closer to full compliance with ECOWAS benchmarks.
The ECO has long symbolised West Africa’s dream of unity and financial independence, and it remains central to the African Union’s Agenda 2063. Still, the path ahead is tricky. Economic disparities within ECOWAS are glaring: Nigeria alone contributes about 67 percent of the bloc’s GDP, while the smallest five states combined produce less than two percent. With such imbalance, reaching consensus will be a challenge.
Yet optimism remains. Advocates believe a single currency will make cross-border trade easier, reduce dependence on foreign currencies, and foster deeper financial stability across the region. Touray and Ouattara are doubling down, insisting that the ECO is not just a technical plan but a transformative step that could redefine West Africa’s economic future.
