ECOWAS Confirms 2027 ECO Currency Rollout, Unveils Fresh Security, Economic Reforms

By Iyojo Ameh

The Economic Community of West African States (ECOWAS) has reaffirmed plans to launch the long-awaited ECO single currency in 2027, alongside a raft of measures aimed at strengthening regional security, economic integration, food security and democratic governance.

The resolutions were adopted at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone, where regional leaders reviewed the political, economic and security situation across the sub-region.

According to the final communiqué issued after the summit, the ECO will be introduced in 2027, initially among member states that meet the agreed macroeconomic convergence criteria.

The Authority directed the ECOWAS Commission and Governors of member states’ central banks to intensify consultations and conclude all outstanding technical preparations for the implementation of the regional currency.

It added that countries yet to satisfy the convergence requirements would continue to receive technical support to enable them join the monetary union in the future.

On security, the Authority expressed concern over the worsening threat posed by terrorism, violent extremism, armed banditry and kidnapping, particularly in the Sahel and Lake Chad Basin.

The leaders reaffirmed their commitment to operationalising the ECOWAS Counterterrorism Force and urged member states to meet their financial obligations under the Community Levy to strengthen regional security efforts.
The summit also renewed the three-year mandate of the ECOWAS Special Envoy on Counterterrorism, Ambassador Baba Kamara.

Reaffirming its commitment to regional integration, the Authority pledged continued implementation of the ECOWAS Protocol on the Free Movement of Persons, Right of Residence and Establishment, describing it as a cornerstone of regional trade, investment and economic growth.

The leaders also raised concerns over growing food insecurity and rising fertiliser prices across the region and called for accelerated implementation of the ECOWAS Regional Rice Roadmap to increase local food production and reduce dependence on food imports.

In addition, the Authority endorsed initiatives to promote digital transformation through enhanced cooperation in cybersecurity, data protection, digital governance and electronic communications.

On governance, ECOWAS welcomed progress in democratic transitions and electoral preparations in several member states, while urging governments to uphold constitutional order, inclusive governance and credible, peaceful elections.

The Authority further condemned recurring xenophobic attacks against African nationals in South Africa and called on the South African government to ensure the safety and protection of all African citizens residing in the country.

The summit also approved the appointment of General Birame Diop of Senegal as President of the ECOWAS Commission for the 2026–2030 term.
Senegalese President Bassirou Diomaye Faye was elected Chairman of the ECOWAS Authority of Heads of State and Government for a one-year tenure, succeeding Sierra Leone’s President Julius Maada Bio.

The Authority reaffirmed its resolve to deepen regional integration, strengthen democratic institutions, promote sustainable economic development and enhance collective security in response to emerging challenges confronting West Africa.