ECOWAS pushes launch of single currency to 2027

Mr Jean-Claude Brou, President of the Economic Community of West African States (ECOWAS) Commission, has said that the community has resumed convergence to launch of the ECOWAS single currency “ECO” in 2027.

Brou made this known on Tuesday while delivering reports of the ECOWAS Commission before the ECOWAS Parliament during the ongoing 2022 First Ordinary Session of the Parliament in Abuja.

Brou said that the process of launching the single currency was stalled following the outbreak of the COVID-19 Pandemic from 2020, as countries needed to focus on handling the pandemic.

He explained that the convergence criteria had to be thorough so that the currency once implemented will serve the citizens effectively.

Rep. Awaji Abiante, Member of the ECOWAS Parliament and Nigerian lawmaker representing Andoni-Opobi/Nkoro Federal Constituency of Rivers, said that the delay in the launch of the currency is to avoid any form of crisis.

Speaking to journalists on the sideline of the session, Abiante said that the single currency is work in progress and there is hope that sometimes it will work.

On the sustainability and benefits of the currency, Abiante said that until it is implemented, one cannot say how viable it would be.

In June 2019, the Authority of ECOWAS Heads of States and Government committed to having a single currency and adopted the name “ECO” during its Extraordinary Session in Abuja.

The currency was expected to be launched in 2020.