Leaders of the Economic Community of West African States (ECOWAS) have reaffirmed their commitment to introducing the ECO single currency in 2027, describing the project as a major milestone in the drive to deepen economic integration and boost trade across the sub-region.
The resolution was reached at the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Lungi, Sierra Leone, where leaders also adopted measures on security, infrastructure, food security and regional governance.
In a communiqué issued after the summit, the Authority said the ECO would initially be introduced by member states that satisfy the agreed macroeconomic convergence criteria, while countries yet to meet the benchmarks would continue to receive support to join the monetary union in the future.
To strengthen the identity of the proposed currency, ECOWAS welcomed the registration of the name "ECO" with the African Intellectual Property Organisation and directed the Commission to secure additional trademark protection with other international intellectual property bodies.
The regional bloc said West African economies had remained resilient despite global economic headwinds and projected an encouraging outlook for 2026, citing moderating inflation, declining debt-to-GDP ratios and stronger external balances. However, it acknowledged that fiscal deficits remain a challenge in some member states.
On security, ECOWAS expressed concern over the worsening terrorist activities in the Sahel and Lake Chad Basin and endorsed a revised roadmap for the operationalisation of the ECOWAS Counterterrorism Brigade, with full deployment expected by July 2027.
The Authority appealed to member states to clear outstanding Community Levy obligations to ensure adequate funding for the regional security initiative.
The summit also condemned the increasing incidents of banditry, kidnappings and school abductions in northern Nigeria, expressing solidarity with the country and commending President Bola Tinubu for efforts aimed at rescuing victims and tackling insecurity.
Leaders further highlighted the growing humanitarian crisis caused by terrorism, armed conflicts, climate change and food insecurity, urging the ECOWAS Commission to strengthen humanitarian coordination and resource mobilisation across the region.
On relations with Burkina Faso, Mali and Niger, the Authority extended the mandate of its chief negotiator, Dr Lansana Kouyaté, until December 2026, reaffirming that discussions with the Alliance of Sahel States would continue through a unified approach.
Concerned by rising food prices and fertiliser shortages, ECOWAS called for accelerated implementation of the Regional Rice Roadmap and other agricultural initiatives designed to reduce dependence on imported food and improve food security.
The Authority also reaffirmed its commitment to the ECOWAS Protocol on Free Movement of Persons, Residence and Establishment, stressing that unrestricted movement remains critical to regional trade and economic cooperation.
It strongly condemned renewed xenophobic attacks against Africans, particularly West Africans, in South Africa, urging the South African government to protect foreign nationals and permanently address the recurring incidents.
In the area of trade and infrastructure, the leaders warned that bilateral agreements entered into by individual member states could weaken the ECOWAS Customs Union and called for greater coordination during international trade negotiations.
They also directed the Commission to develop investment-ready projects in transport, energy, digital infrastructure and water resources to attract financing from development partners and private investors.
The summit welcomed progress on the African Atlantic Gas Pipeline, describing the project as vital to regional energy security, industrialisation and economic integration, while acknowledging the collaboration between ECOWAS member states and Morocco.
ECOWAS also renewed its push for cheaper air travel within West Africa, applauding Côte d'Ivoire for removing aviation taxes and encouraging other member states to adopt similar reforms to improve regional connectivity.
The leaders endorsed new regional legal instruments on data protection, cybersecurity, digital governance and electronic communications, including the establishment of a Regional Cybersecurity Coordination Mechanism.
On governance, the Authority adopted a declaration promoting greater participation of women in politics and public decision-making, urging member states to strengthen policies that support gender inclusion.
The summit commended the peaceful conduct of recent elections in several member states and encouraged countries preparing for upcoming polls to sustain democratic standards.
ECOWAS also paid tribute to China for constructing and donating its new headquarters in Abuja, describing the project as a significant contribution to regional integration.
Among other decisions, the leaders appointed General Birame Diop of Senegal as President of the ECOWAS Commission for the 2026-2030 term, elected Senegalese President Bassirou Diomaye Faye as Chairman of the ECOWAS Authority of Heads of State and Government for the next year, and endorsed Sierra Leone's candidature for a seat on the International Court of Justice.
Leave a Reply