The Economic Community of West African States (ECOWAS) has agreed to launch the proposed single currency ‘Eco’ in 2027.
This is one of the agreements reached at the 59th session of the Authority of Heads of State and Government in Ghana.
In December 2019, the leaders adopted “EC” as the symbol for the currency to be used in 15 countries.
They are Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.
The regional body also adopted Central Bank of West Africa (CBWA) as the name of the ECOWAS Central Bank.
The new 2027 timeframe was caused by the COVID-19 pandemic which affected continental and global economies.
ECOWAS Commission President, Jean-Claude Kassi Brou, told reporters in Accra, Ghana’s capital, that efforts are being doubled to roll out the currency.
“The road map would cover the period between 2022-2026, and 2027 being the launch of the ECO”, he said.