With less than two years to go before the announced launch of the ECO common currency, ECOWAS is concerned about the low level of macroeconomic convergence among its member states and is calling for urgent reforms to meet the roadmap.
The ECOWAS Conference of Heads of State and Government expressed its “concern” on Sunday regarding the progress of macroeconomic convergence among member states, less than two years before the
planned launch of the ECO single currency, during its 68th Ordinary Session held in Abuja.
West African leaders also deplored the delays in implementing certain activities planned in the Roadmap for the launch of the ECO, according to the final communiqué of the Conference chaired by Sierra Leonean
President Julius Maada Bio. Call for appropriate economic policies
The Conference instructed member states to implement “appropriate economic policies” enabling them to meet the macroeconomic convergence criteria and to reach a consensus on the “sensitive institutional
commitments” necessary for the launch of the regional single currency.
The Heads of State also instructed the ECOWAS Commission to reactivate the Presidential Working Group on the ECOWAS Single Currency Programme and to make “additional efforts” to reach a consensus on sensitive and urgent issues.
Despite these concerns, the Conference welcomed the resilience of ECOWAS economies in 2025, characterized by an acceleration in the pace of economic growth, reduced inflationary pressures, and fiscal consolidation efforts.
To consolidate these results, the leaders urged Member States to continue implementing economic reforms, intensify domestic resource mobilization, and strengthen the efficiency and quality of public spending.
Furthermore, the Conference took note of the Council’s adoption of the Directive establishing the framework for public accounting within ECOWAS and instructed the Commission to support Member States in its transposition into national legislation.
The ECO single currency project, launched several years ago, aims to facilitate trade and strengthen economic integration within the Ecowas region. However, its implementation has been repeatedly postponed due to member states’ difficulties in meeting the required macroeconomic convergence
criteria.
AC/Sf/fss/gik/APA