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ECOWAS targets 2027 for single regional currency

Economic Community of West African States (ECOWAS) has taken steps towards launching a single regional currency by 2027.  This was disclosed in a statement signed by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga
(FILES) (FILES) An ECOWAS staff member walks past a stage before a press conference organized by the Commonwealth, The Economic Community of West African States (ECOWAS) and the Africa Union (AU) at the ECOWAS head quarter in Abuja on February 27, 2023. The withdrawal of Mali, Niger and Burkina Faso from the Economic Community of West African States takes effect on Wednesday after a year of political tensions, fracturing the region and leaving the bloc with an uncertain future. (Photo by Michele Spatari / AFP)

• Nigeria urges fiscal discipline

Economic Community of West African States (ECOWAS) has taken steps towards launching a single regional currency by 2027.  This was disclosed in a statement signed by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, as financial leaders gathered in Abuja for the 11th ECOWAS Convergence Council meeting.

  
The meeting, which brought together ministers of finance and governors of central banks, focused on strategies to fast-track the much-anticipated launch of the Eco currency to boost economic integration and financial stability in West Africa.
 
Chairing the session, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stressed the importance of monetary and fiscal discipline in achieving the Eco currency.
  
He highlighted the impact of security challenges, inflation and global economic disruptions, as key obstacles slowing down progress towards full monetary convergence.
  
At its 55th ordinary session in July 2019, ECOWAS agreed to launch Eco in January 2020.The 15-member regional group later adopted a new roadmap, which shifted the currency’s launch to 2027 at its 59th ordinary session in Ghana in 2021.
  
Speaking at the meeting in Abuja, Edun reaffirmed Nigeria’s commitment to regional economic cooperation. According to a statement by the Director of Information and Public Relations at the ministry, Mohammed Manga, the minister emphasised the need for monetary and fiscal discipline, citing security challenges, inflation, and global economic disruptions as factors slowing progress toward monetary convergence.
  
“Security challenges, inflation and global economic disruptions have slowed progress toward monetary convergence,” Edun was quoted as saying.  The minister also highlighted Nigeria’s economic reforms, including foreign exchange (FX) market reforms, tax policy improvements and petrol subsidy removal.
  
The reforms, he said, had contributed to the gross domestic product (GDP) growth rate of 3.4 per cent in 2024 and improved fiscal sustainability. Beyond domestic measures, Edun stressed the importance of stronger regional coordination and ECOWAS’ role in shaping global financial policies.

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