The Economic Community of West African States has renewed its commitment to introducing a common regional currency, the ECO, by 2027.
The assurance followed the 14th session of the ECOWAS Convergence Council, which was held virtually on September 7, 2026, to assess progress on the proposed monetary union.
The meeting reviewed the economic performance of member states and their level of compliance with the requirements for adopting a common currency.
It also considered the report of the 68th meeting of the Committee of Governors of ECOWAS central banks, held on September 4.
The Governors’ meeting followed discussions by technical committees of the ECOWAS Commission and the West African Monetary Agency between August 31 and September 2.
The series of meetings is part of renewed efforts by the regional bloc to resolve outstanding economic and institutional challenges that have delayed the single-currency project over the years.
The Convergence Council also assessed the progress made by member states in meeting the prescribed macroeconomic convergence criteria.
The criteria are designed to ensure that participating countries maintain sufficient economic stability and alignment to support the proposed monetary union.
ECOWAS maintained that despite the challenges surrounding the project, the 2027 target for launching the ECO remains achievable.
A statement from the regional bloc said the recent high-level engagements were aimed at “reviewing progress towards the long-awaited monetary integration project” and identifying outstanding requirements that must be met before the currency can be introduced.
