ECONOMIC Community of West African States (ECOWAS) says it will introduce the long-delayed single currency, the Eco, in 2027 – 44 years after its first proposal in 1983.

The idea of creating a single currency within ECOWAS was first mooted in May 1983 by the Conference of Heads of State and Government. A study was subsequently set up by the Committee of Central Banks to work out how a monetary union for West Africa would operate. The report was submitted in 1984, laying out concrete proposals for common monetary policies, currency convertibility, reserve management and fiscal/monetary policy coordination.

However, due to political and structural reasons, the proposal did not materialise. For instance, some member states could not meet macroeconomic convergence criteria, while French-speaking nations already had a common currency, the CFA franc.

Renewed quest for Eco

However, after several proposals failed, ECOWAS is proposing to collapse all of its individual currencies into Eco by 2027. Commission President, Mr Omar Touray, said regional leaders remained committed to the deadline despite persistent political and economic headwinds. Mr Touray urged intensified efforts to restore trust with Mali, Burkina Faso and Niger, whose withdrawal from the bloc had continued to strain cooperation, particularly on peace and security.

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He spoke on Friday at the 2025 Second Extraordinary Session of the ECOWAS Parliament in Abuja, where he briefed lawmakers on political, economic and security developments across the region.

According to him, while collaboration with the three countries continued in areas such as trade and free movement, security cooperation remained a major challenge.

“Our brothers and sisters from the three countries are prepared to work with us in all areas, but in peace and security, trust remains the biggest challenge,” he said.

Mr Touray noted that ECOWAS had been engaging global partners — including the United States and Russia — to help rebuild confidence rather than deepen divisions. He explained that relations had improved in recent months, with both sides avoiding the hostile rhetoric seen earlier in the year.

Following the exit announcement by the three Sahel states, Touray revealed that the ECOWAS Council of Ministers ordered nationals from those countries working at ECOWAS institutions to vacate their posts. Managers and P5-level officials exited on September 30, while remaining staff were expected to leave by April 15, 2026. The Commission is already working to fill the vacancies, he said.

On the proposed single currency, Touray said regional leaders had resolved to proceed with the 2027 launch, even if it began as a non-physical, virtual currency similar to the euro’s initial rollout. He stressed that several convergence criteria and milestones had been set, and member states were expected to meet them.

He also responded to lawmakers’ questions on gender parity, community levy challenges, illegal migration, axle-load regulations, illegal fishing and alignment of national and regional health policies. On illegal fishing, he stressed that although he is Gambian, he expected Gambian representatives to address country-specific matters.

Touray confirmed that ECOWAS would share joint election observer reports with the Parliament, including the Guinea-Bissau elections report. He explained that the ECOWAS Mission in Guinea-Bissau retreated to its barracks on orders from national authorities shortly before the recent unrest — a directive it was obliged to obey.

Dialogue was also ongoing with the government of Benin to allow an ECOWAS fact-finding mission ahead of upcoming elections, he said.

He agreed that Guinea-Bissau urgently required constitutional, legal and security sector reforms, citing anomalies such as retirees occupying key security positions. However, he stressed that such reforms must be driven by national authorities.

“The question remains: who will lead the reforms — a military transition or a civilian transition? ECOWAS can support, but it must be nationally led,” he said.

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Touray also warned against political pressure that could result in the announcement of fake electoral results, noting that Guinea-Bissau’s electoral commission had confirmed that results were destroyed during the recent turmoil.

Responding to criticism that ECOWAS prioritised political crises over economic development, he argued that lasting progress was impossible without peace. He cited interventions in Liberia, Sierra Leone, The Gambia and Guinea-Bissau as examples of how the bloc’s stabilisation efforts had supported economic growth.

“You cannot have economic progress without peace. These crises are imposed on us — we cannot ignore them,” he said.

He affirmed that ECOWAS retained the capacity to rapidly deploy missions, referencing swift operations in The Gambia and Guinea-Bissau supported by Nigeria, Ghana and Senegal. The bloc, he added, remained committed to strengthening its fight against terrorism and violent extremism.

Mr Touray further commended member states that had banned the export of raw materials in favour of local processing, urging others to do the same. Africa, he noted, still played a limited role in global value chains, even for basic manufactured goods.

Despite regional challenges, Touray insisted that ECOWAS remained a benchmark on the continent.

“Let nobody fool us. Despite the difficulties, ECOWAS is a model in Africa. Other regional blocs come to learn from us,” he added.

He stressed that regional unity must be protected and strengthened, not abandoned.