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ECOWAS COMMON CURRENCY, ECO, PLAN COULD RELAUNCH IF ACCELERATED
4 months ago
The “relaunch” is more of a renewed push and political commitment, especially led by President Alassane Ouattara of Ivory Coast and ECOWAS leadership, to achieve the Eco’s adoption by 2026 or 2027.
Background and Timeline of the ECO
Alassane Ouattara, the President of Ivory Coast, aims to relaunch and accelerate the ECOWAS common currency project, known as the Eco. He has called on ECOWAS member states to push for the introduction of the single currency by 2026, advancing the previously targeted launch date of 2027.
Ouattara expressed confidence that the Ivory Coast will be ready to meet the required convergence criteria by 2025. He further emphasized the need for member countries to collaborate closely to strengthen monetary and financial cooperation for the Eco’s success.
Background and Timeline of the ECO
The Eco is a proposed common currency for the Economic Community of West African States (ECOWAS) aimed at facilitating regional economic integration.
The launch has faced repeated delays, with prior target dates slipping from as early as 2020 to the current official target of July 2027. The currency rollout is planned in phases. Initially, the West African Monetary Zone (WAMZ) countries, including Ghana, Liberia, Guinea, Sierra Leone, and The Gambia, are expected to adopt the Eco.
Subsequent phases will integrate the currency with the CFA franc zone, which comprises mostly French-speaking West African countries.
However, the requirements have challenged member states. The project requires member states to meet ten convergence criteria set by the West African Monetary Institute. This includes targets on inflation, fiscal deficit, central bank financing, and foreign reserves.
Many countries, especially those in the WAMZ, have struggled with meeting these criteria due to macroeconomic instability. Many are stuck in a high inflation zone with fiscal imbalances.
ECOWAS has adjusted the approach by allowing countries that are ready to adopt the Eco first. The other member states can take their time to meet the criteria later. This gradual adoption strategy, supported by Ouattara and the ECOWAS Commission President Omar Alieu Touray, represents a significant policy shift.
Ouattara’s push for a 2026 launch aims to enhance economic unity and stability in West Africa amid differing economic conditions across the bloc.
President Ouattara’s relaunch initiative is a key momentum driver aimed at realizing the Eco common currency by 2026. This signals renewed commitment to economic integration in West Africa despite historic challenges and staggered readiness among member states.
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