West African heads of state have reaffirmed their commitment to launching the ECO, the long-awaited ECOWAS single currency, in 2027, describing it as a major step toward deeper economic integration, stronger regional trade, and sustainable growth across West Africa. The decision was one of the headline outcomes of the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, held on Sunday in Lungi, Sierra Leone, under the chairmanship of President Julius Maada Bio.
In the final communiqué, the Authority declared: “The Authority reiterates its firm commitment to the launch of the ECO in 2027 as a key instrument for deepening regional economic integration and promoting sustainable, inclusive and resilient growth within the Community.”
Leaders also welcomed the registration of the name “ECO” with the African Intellectual Property Organisation and directed the ECOWAS Commission to pursue trademark protection with other regional and international bodies. The regional bloc said member states remained committed to implementing the ECO despite global economic challenges, noting that the regional economy is expected to improve in 2026 with declining inflation, lower public debt-to-GDP ratios, and a widening current account surplus.
The regional bloc has not identified which countries will form the first monetary union, and policymakers still need to resolve key issues including the governance of the future central bank, decision-making rules, and the composition of the first monetary union.
Important questions also remain unresolved on whether members of the West African Economic and Monetary Union, who currently use the CFA franc, will be included at the start. Some experts continue to point to persistent macroeconomic divergences between member states, particularly between anglophone and francophone economies, as a constraint on the 2027 timeline.
The ECO has been promised, delayed, and reaffirmed more times than the continent cares to count. What is different in Lungi is the phased approach, which removes the all-or-nothing obstacle that has stalled the project for two decades, and allows the currency to launch with a willing, qualifying core while others catch up. Whether that pragmatism is enough to produce a 2027 ECO that is real rather than rhetorical will be clear soon enough.
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