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West African States Postpone Launch of Regional Currency to 2027

An ambitious plan for 15 West African countries to adopt a common currency has been pushed back to 2027.
Bloomberg
By Bloomberg
21 Jun
General Economy As IMF Sees Guinea-Bissau Boosting Investment A man counts out West African CFA franc currency banknotes by the fishing harbour in the port area of Bissau, Guinea-Bissau, on Saturday, Feb. 10, 2018. The International Monetary Fund (IMF) said an increase in public and private investment would provide new growth impetus for the West African nation. Photographer: Bloomberg/Bloomberg

The eco, meant to have been launched in 2020, was delayed by the coronavirus pandemic and its aftershocks, the Economic Community of West African States said in a statement on Saturday, following an ordinary session held in the Ghanaian capital, Accra.

“We have a new road map and the new convergence path that will cover the period of 2022 to 2026,” Ecowas Commission President Jean-Claude Kassi Brou said in the statement. “2027, that will be the launching of the eco.”

Read more: Ivorian President Sees New Regional Currency on Hold Until 2023

The West African bloc has been pursuing a common currency project for more than two decades to help remove trade barriers, ease the cost of doing business, and boost economic growth in a region of more than 380 million people.

Within the bloc, eight countries that already share the CFA franc have started reforms of their own ahead of the wider currency project.

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