ECOWAS: Single currency ECO roadmap reconfirmed for 2027

The ECO single currency project, championed by ECOWAS, dates back several decades and was initially targeted for a 2027 launch, having been repeatedly postponed due to a lack of macroeconomic convergence among the 15 member states, eight of which already share the CFA franc through WAEMU. This reaffirmation comes as the bloc navigates a period of political turbulence, marked by the withdrawal of Mali, Burkina Faso, and Niger. According to Daba Finance, reported by AllAfrica, West African leaders have reaffirmed their commitment to launching the ECO in 2027 with a phased approach: only countries meeting the bloc's macroeconomic convergence criteria will be able to join the monetary union at the start. The source dispatch does not name any specific leaders, nor does it detail the criteria retained or the number of states currently in compliance. For states, the challenge is to stabilize inflation, deficits, and debt in time to qualify. For businesses and savers, a single currency promises lower exchange costs and better integration of regional markets, a potential source of attractiveness for investors. This gradual approach, comparable to a multi-speed monetary zone, reflects caution following repeated delays. However, the withdrawal of three Sahelian countries from ECOWAS raises questions about the project's actual scope, and the lack of recent macroeconomic data in this dispatch leaves open the question of the calendar's effective credibility.