ECOWAS to launch common currency in 2027

The ECOWAS group reaffirmed its commitment to launching the single eco currency by 2027, adopting a gradual approach focused on countries that meet economic convergence criteria, such as budget deficits, inflation rates, and foreign exchange reserves. A "multi-speed" strategy was adopted instead of waiting for all countries to be ready, meaning some member states will begin ahead of others. Meanwhile, institutional issues, such as the operational mechanisms of the central bank and the designation of member countries, are still under discussion. It is expected that this currency will help promote regional integration and support sustainable economic growth among West African nations.

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