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ECOWAS leaders to finally launch single currency ECO in 2027

Last updated: July 21, 2026 10:05 am
5 hours ago Sadiyat Dosunmu
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AIT-IMAGES - Economic Commission of West African States, ECOWAS official logo
AIT-IMAGES - Economic Commission of West African States, ECOWAS official logo

Heads of State and Government of the Economic Community of West African States, ECOWAS, have concluded their 69th Ordinary Session in Lungi, Sierra Leone, with renewed pledges to launch the ECO single currency in 2027, strengthen regional security, and deepen democratic governance.

The summit, held on Saturday, 19th July 2026, was chaired by Sierra Leone’s President, Julius Maada Bio and attended by Presidents from Benin, Cabo Verde, The Gambia, Ghana, Guinea, Liberia, Senegal, as well as Nigeria’s Vice President, Kashim Shettima, and other high-level delegates.

In a Final Communiqué issued at the end of the meeting, the Authority adopted the Declaration of Commitment on the Future of Regional Integration, aimed at consolidating unity, peace and sustainable development in West Africa.

On the economy, ECOWAS leaders noted the resilience of Member States’ economies in 2025 and projected continued growth in 2026, supported by declining inflation and reduced debt.

The Authority reaffirmed its commitment to the launch of the ECO in 2027, starting with countries that meet the convergence criteria.

It welcomed Guinea’s request to join the Presidential Task Force on the ECO and directed the ECOWAS Commission to convene the Task Force before the December 2026 Summit.

The Commission, working with WAMA, was also directed to intensify consultations with Central Bank Governors. The name “ECO” has also been registered as a trademark.

On financing, the Authority expressed concern over persistent Community Levy arrears and urged Member States to meet their obligations.

The leaders expressed deep concern over the deteriorating security situation in the Sahel and Lake Chad Basin, citing attacks by terrorist groups that have led to loss of lives and mass displacement.

They condemned the attacks and commended progress in activating the regional Counter-terrorism Force.

Member States were urged to redeem outstanding Community Levy arrears earmarked for the Force. The Commission was directed to engage AES countries on a pragmatic security cooperation framework.

The mandate of Ambassador Baba Kamara, ECOWAS Special Envoy on Counterterrorism, was also renewed for another three years.

On governance, the Authority commended the peaceful conduct of elections in Benin, Guinea, Cabo Verde and Côte d’Ivoire, and congratulated Presidents Romuald Wadagni of Benin and Mamadi Doumbouya of Guinea.

On Guinea-Bissau, the Authority noted plans for a constitutional referendum on 30th August 2026 and general elections on 6th December 2026. It called for inclusivity and the release of political detainees, and appointed Senegal as facilitator for the transition.

For Sierra Leone, the Authority welcomed progress on the Agreement for National Unity ahead of the 2028 general elections.

The Summit also adopted a Revised Supplementary Act on Data Protection and approved the establishment of a Regional Cybersecurity Coordination Mechanism.

A Presidential Declaration on Advancing Gender Parity in Political Representation was adopted as part of ECOWAS’ 50th Anniversary legacy initiatives.

The next Ordinary Session of the ECOWAS Authority is scheduled for December 2026.

(Follow AIT News on WhatsApp, AfricaIndependentTV on YouTube, ait_online on Facebook and X (Formerly Twitter), and officialait on TikTok, Instagram and Threads)

(Editor: Terverr Tyav)

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