ECOWAS to unveil single currency ECO

Finance Ministers and Central Bank Governors from the 15 member states of the Economic Community of West African States (ECOWAS) have taken a significant step towards launching the single currency initiative, known as the ECO.

The initiative aims to promote economic growth and development in the West African sub-region.

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the critical role the ECO will play in fostering “economic growth and development in the region.” He reiterated Nigeria’s unwavering commitment to the successful implementation of the single currency.

“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,” Edun said.

The meeting, held in Abuja, brought together key players instrumental in making this vision a reality, including 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.

According to a statement from the Ministry of Finance, “The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction. Participants emerged 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.”

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The single currency is part of the features in the three-in-one Identity cards planned by the National Identity Management Commission and set for roll-out by August.

The successful implementation of the ECO is expected to facilitate economic integration, enhance monetary stability, and boost trade among ECOWAS member states.