ECOWAS to Launch Single Currency ‘ECO’

Finance Ministers and Central Bank Governors from the 15-member Economic Community of West African States (ECOWAS) are advancing plans to launch a single currency, the ECO. This initiative, aimed at stimulating economic growth and development across West Africa, has received strong support from Nigeria.

The ECO is a significant component of the three-in-one Identity Cards planned by the National Identity Management Commission, scheduled for rollout by August.

In a statement released on Friday by the Ministry of Finance, Director of Press Mohammed Manga highlighted comments from Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. Edun emphasized the crucial role the ECO will play in fostering economic growth and development in the region, reaffirming Nigeria’s unwavering commitment to its successful implementation.

The recent meeting marks a significant milestone in the journey towards realizing this ambitious goal. Participants reviewed preparations for the introduction of the single currency, laying the groundwork for a more integrated economic future for the 15 ECOWAS member states.

“The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region,” the statement noted.

This week’s gathering included key figures such as the Minister of Finance of Cape Verde, Mr. Olavo Correia, the Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly, and the Ghanaian Minister of Finance, Mr. Mohammed Amin Adam, among other representatives. Together, these leaders formed a collaborative force dedicated to shaping the future of West African economics.

The statement concluded by noting a renewed sense of purpose surrounding the ECO’s introduction. Participants emerged from the meeting with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states.