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ECOWAS leaders have reaffirmed intentions to launch a shared currency, the ECO, next year, though officials now favor a phased approach rather than a simultaneous rollout across the bloc. Countries meeting economic benchmarks on inflation, debt, and monetary stability will join first, according to a communique issued after a leaders’ summit in Sierra Leone. While the ECO trademark has been legally registered, major questions remain, including whether CFA franc-using members of the West African Economic and Monetary Union will participate from the start. Other unresolved issues include the structure of a regional central bank as well as governance rules. The plan faces added complexity since Mali, Burkina Faso, and Niger exited ECOWAS but still use the CFA franc. Further talks, including a task force meeting, are expected before a December 2026 summit finalizes remaining details.
Africanews