Breaking: ECOWAS Finally Announces When and Where 'Single Currency' Will Be Launched
- ECOWAS leaders met for the 69th Ordinary Session in Lungi, Sierra Leone, under the chairmanship of President Julius Maada Bio
- The bloc reaffirmed its commitment to launching the ECO single currency in 2027, with qualifying member states going first
- The summit also condemned xenophobic attacks on West Africans in South Africa and praised Nigeria's Tinubu over school kidnappings response
ECOWAS has renewed its pledge to launch the ECO, its long-anticipated single regional currency, by 2027, framing the move as central to deepening economic integration across West Africa.
The commitment came out of the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, held on Sunday in Lungi, Sierra Leone, chaired by Sierra Leonean President Julius Maada Bio. A final communiqué was issued on Tuesday, July 21, after the conclusion of the summit.
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ECO currency and regional economic outlook
In the communiqué, the Authority said the ECO would serve as "a key instrument for deepening regional economic integration and promoting sustainable, inclusive and resilient growth within the Community."
Member states that meet agreed convergence criteria will adopt the currency first, while those that do not yet qualify will receive support to join at a later date.
The bloc also welcomed the registration of the name "ECO" with the African Intellectual Property Organisation and directed its Commission to pursue trademark registration with other regional and international intellectual property bodies.
On the broader economic picture, leaders projected a positive regional outlook for 2026, citing falling inflation, lower public debt-to-GDP ratios and a growing current account surplus, though fiscal deficits were flagged as an ongoing concern.
Security, Xenophobia and regional diplomacy
The summit addressed rising insecurity across the Sahel and Lake Chad Basin, endorsing a revised roadmap to activate the ECOWAS Counterterrorism Brigade, with full operational capacity expected by July 2027.
The communiqué specifically condemned "the increasing spate of banditry, kidnappings and abductions of school children, particularly in Northern Nigeria," and expressed solidarity with Nigeria while commending President Bola Tinubu "for the swift actions taken to secure the release of victims."
ECOWAS strongly condemned continued xenophobic attacks on West Africans in South Africa, calling on South African authorities to protect foreign nationals and resolve the issue permanently. The bloc backed Ghana's proposal to bring the matter before the African Union Assembly.
On relations with the Alliance of Sahel States, covering Burkina Faso, Mali and Niger, the mandate of Chief Negotiator Dr. Lansana Kouyaté was extended to December 2026, with leaders insisting that any negotiations must proceed as a unified bloc.
Trade, infrastructure and new leadership
Leaders warned that individual member states signing bilateral trade deals outside the bloc risk undermining the ECOWAS Customs Union, directing the Commission to coordinate common positions in international trade talks.
They also welcomed the Inter-Governmental Agreement on the African Atlantic Gas Pipeline, describing it as a strategic boost to regional energy security.
The summit appointed General Birame Diop of Senegal as President of the ECOWAS Commission for the 2026 to 2030 term, and elected Senegalese President Bassirou Diomaye Faye as the new Chairman of the ECOWAS Authority for a one-year term. Leaders also thanked China for constructing and donating the new ECOWAS headquarters in Abuja.
Xenophobia: Shettima tasks ECOWAS
Vice-President Kashim Shettima has challenged South Africa to remember who funded its freedom, telling ECOWAS leaders that Nigerian students had money taken from their scholarship allowances to bankroll anti-apartheid liberation movements across Southern Africa.
Shettima made the remarks on Monday, July 20, while addressing the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Sierra Leone, where he pushed for a united West African response to xenophobic violence targeting African migrants in South Africa.
Source: Legit.ng
