Côte d’Ivoire: ECOWAS Considers Partial Launch of ECO Without UEMOA Countries

The Economic Community of West African States (ECOWAS) has announced that the first phase of its single currency project, the ECO, could be launched without the participation of the eight member countries of the West African Economic and Monetary Union (UEMOA), including Côte d’Ivoire.

The decision was made during a meeting of ECOWAS central bank governors in Monrovia, Liberia. According to officials, the initial phase would involve only countries deemed ready to meet the macroeconomic convergence criteria, including Nigeria, Ghana, Liberia, Sierra Leone, Gambia, and Guinea.

This approach aims to accelerate the ECO project, which is expected to enter into circulation around 2027, without waiting for all member states to meet the required conditions. UEMOA countries, already using the CFA franc and a common central bank, could join the single currency at a later stage.

Experts note that this partial launch could pose challenges for regional monetary integration, but it also reflects ECOWAS’s determination to advance the West African monetary zone quickly.

The introduction of the ECO is seen as a strategic move for the region, aimed at strengthening economic integration, facilitating trade, and reducing dependence on foreign currencies.