After multiple reports, the ambition of a single currency in West Africa takes a decisive turn. The President of the ECOWAS Commission, Omar Alieu Touray, announced that the Eco will be officially launched in 2027, on the occasion of an audience with the Gambian President Adama Barrow in Banjul. This declaration marks a renewed commitment on the part of the regional organisation, which now seems ready to move forward with the Member States which fulfil the convergence criteria, without waiting for the whole of the countries. “The idea is to launch the single currency with those who are ready”, said Dr Touray. “Those who need more time will be supported so that they can also meet the convergence criteria. I’m not sure. The Eco project, which is supposed to replace the CFA franc and other national currencies in the region, has been in gestation for more than two decades. It has been hampered by economic divergences, changing political contexts and difficulties in meeting the strict criteria of macroeconomic convergence set by the ECOWAS. The President of the Commission nevertheless expressed the hope that all Member States would be ready by 2027, although ECOWAS now envisages a gradual, step-by-step launch.
The single currency will be put into circulation from…
