West African leaders have reaffirmed plans to introduce a single regional currency, the ECO, in 2027, but the rollout is expected to happen in phases rather than all at once.
In a communiqué issued after the ECOWAS Heads of State summit in Sierra Leone on Sunday, the bloc said only countries that meet key economic targets, such as low inflation, manageable debt levels and stable monetary policies, are likely to join the first phase.
ECOWAS says the ECO is intended to strengthen regional trade, boost economic integration and support long-term growth across West Africa.
The bloc has made progress by legally registering the ECO trademark, but several major issues remain unresolved. These include how the future regional central bank will operate, how decisions will be made, and which countries will be part of the initial launch.
It is also unclear whether members of the West African Economic and Monetary Union (UEMOA), which currently uses the CFA franc, will adopt the new currency from the start.
The project also faces fresh political challenges after Burkina Faso, Mali and Niger withdrew from ECOWAS, although the three countries remain members of UEMOA.
ECOWAS said consultations are continuing, with a key Task Force meeting expected ahead of the bloc’s next summit in December 2026.