ECOWAS Proposes New Approach to Common Currency

After innumerable delays, the Economic Community of West African States (ECOWAS) has stated its intention to relaunch its ambitious project of a single currency, starting in 2027.

Leaders of the 12-strong bloc reaffirmed their willingness to launch the ECO at the 69th ordinary session of the Conference of Heads of State and Government in July. Unlike previous attempts, however, the approach this time round is intended to be gradual: countries that meet the macroeconomic convergence criteria would be prioritised for joining the monetary union, while others would be supported to gradually join the process.

ECOWAS, founded in 1975, now consists of 12 states (down from 15 following the withdrawal of the three military-run members of the Alliance of Sahel States – Mali, Niger and Burkina Faso – in 2025). Five of them – Benin, Côte d'Ivoire, Guinea-Bissau, Senegal, and Togo – already share a common currency, the CFA franc, within the UEMOA (West African Economic and Monetary Union), of which Mali, Burkina Faso, and Niger are also members. The other seven members have their own currencies – Cape Verde, The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone. Guinea has already stated that it will opt out of the ECO.