According to reports in Nigeria, Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States (ECOWAS) have advanced plans to launch the single currency initiative known as the ECO.
This follows a meeting that brought together key players including:
- Minister of Finance of Cape Verde, Mr. Olavo Correia
- The Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly, and
- The Ghanaian Minister of Finance, Mr. Mohammed Amin Adam
amongst other representatives.
According to a statement from Nigeria’s Ministry of Finance, the ECO will play a critical role in fostering ‘economic growth and development in the region.’
“The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.
The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction. Participants emerged with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states.”
The statement noted that participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the 15 ECOWAS member states.
Plans to launch the ECO in 2020 were suspended in 2019 with then Nigerian President, Muhammadu Buhari, terming the move premature and blaming foreign interference as playing a hand in the efforts.
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At the time, ECOWAS comprised 15 states and a single currency adoption would have made it the strongest economic bloc in Africa but English-speaking nations felt that the ECO currency was a project by the French.
In recent years, the organization has failed to reverse rampant coups in the region with military coups witnessed in Mali in 2020 and 2021, in Burkina Faso in 2022 and in Niger in 2023.
All three countries withdrew from ECOWAS in January 2024 and are said to be pursuing their own single currency.
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