ECOWAS member countries agree to launch their common currency in 2027

Published on : 06/19/2021 – 10:34 PM

The heads of state of the fifteen member countries of the Economic Community of West African States (ECOWAS) have adopted a roadmap for the launch of a common currency in 2027, announced the chairman of the committee. ECOWAS, Jean-Claude Kassi Brou, after a summit Saturday in Ghana.

“Due to the shock of the pandemic (of COVID-19), the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021”, he recalled.

“We have a new roadmap and a new convergence pact which will cover the period between 2022 and 2026, and 2027 will be the year of launching the Eco”, he added, referring to the name of the new currency.

The naira, the currency of Nigeria, West Africa’s largest economy, has a floating exchange rate while eight other countries in the region use the CFA franc, pegged to the euro.

With Reuters