ECOWAS Single Regional Currency Key to Economic Integration- Council of Ministers.
By Raymond Enoch
As the regional and the world watches on the Economic Community of West African States discusses it’s common currency agenda, the council of Ministers have in a bold and transformative move towards the creation of a single Eco currency emerged from the centerpiece of discussions during the 11th session of the ECOWAS Convergence Council, which convened on March 3, 2025 at Abuja, gathering of Finance Ministers and Central Bank Governors from across the Economic Community of West African States (ECOWAS) to review critical macroeconomic strategies and lay the groundwork for regional economic integration.
At the opening ceremony, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Adebayo Olawale Edun, passionately advocated for the accelerated creation of a unified currency, emphasizing that such a move would not only strengthen ECOWAS’ economic integration but also positively impact the lives of West African citizens.
“This is the time for us to unite for the future of West Africa,” Edun declared, highlighting how the introduction of a single currency could help mitigate the region’s persistent inflationary pressures, trade barriers, and inconsistent monetary policies.
The call for action could not be more urgent, as regional economies face mounting challenges from global trade disruptions and escalating fiscal deficits.
The meeting’s agenda was also informed by the findings of the recent ECOWAS Macroeconomic Policy Technical Committee, which convened from February 27 to March 1, 2025. Among the key reports presented was the status of the ECO Roadmap, which is slated to pave the way for the single currency’s eventual launch.
In a statement underscoring the global economic context, ECOWAS Commission President, Dr. Omar Alieu Touray, affirmed that regional integration is the key to overcoming the challenges that lie ahead. “This situation calls for coordinated fiscal and monetary policies to strengthen the resilience of our economies,” Touray remarked, referencing the global trade tensions, inflation, and public finance woes that have plagued many ECOWAS nations.
The discussions also revealed a consensus among ECOWAS ministers on the urgency of advancing fiscal and monetary policy cooperation, ensuring that the economic landscape across West Africa becomes more predictable, stable, and growth-oriented.
As the discussions unfold, the goal remains clear: the creation of the single Eco currency, a unifying monetary tool for West Africa, which promises to streamline trade, reduce currency volatility, and boost the region’s economic potential on the global stage.
The 11th Convergence Council session marks a significant milestone in the ongoing journey towards a more integrated and resilient West African economy, one that could change the economic trajectory of the region for decades to come. With the backing of key stakeholders and a shared vision, the Eco currency could soon become a reality, revolutionizing the economic landscape of West Africa.
For now, the eyes of the region—and the world—are on ECOWAS, as it navigates this ambitious and historic endeavor.
