ECOWAS Adopts ECO As Single Currency

Beginning in January 2020, Liberia and other countries within the West African sub-region will be able to use a single currency called ECO.

The currency was adopted by the Authority of ECOWAS Heads of State and Government on Saturday in Nigeria’s capital Abuja.

The West African leaders endorsed the currency at their 55th Ordinary Session and approved a road map towards the currency’s issuance in January 2020.

There was a roadmap to ensure that all member countries meet three primary criteria for the adoption of the currency.

Criteria for adoption
That includes member countries having a budget deficit of not more than 3 percent; average annual inflation of less than 10 percent with a long-term goal of not more than 5 percent by 2019.

Countries were expected to also have gross reserves that can finance at least three months of imports.

The other convergence criteria that has been adopted by ECOWAS are public debt or Gross Domestic Product of not more than 70 percent.

There is also the issue of central banks financing budget deficit not more than 10 percent of previous year’s tax revenue, and nominal exchange rate variation of plus or minus 10 percent.

At the end of the Abuja meeting a communiqué read by Nigeria’s Permanent Secretary, Ministry of Foreign Affairs, Mustapha Suleiman noted that the regional leaders instructed the ECOWAS Commission to work in collaboration with West African Monetary Agency.

The commission is also expected to work with West African Monetary Institute and all central banks to settle on a symbol for the single currency.

Significant progress
The ECOWAS Chairman President Issoufou Mahamadou has said that the revised roadmap does not affect the date for the issuance of the single currency in January 2020.

Speaking about the deadline for adoption Mahamadou said “We have not changed that but we will continue with assessment between now and then.

“We are of the view that countries that are ready will launch the single currency and countries that are not yet ready will join the programme as they comply with all six convergence criteria.”

ECOWAS has a combined population of 385 million and was set up in 1975.

It comprises Benin, Burkina Faso, Cape Verde, Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.

Eight of these countries use one currency called the CFA franc. Those are Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal and Togo.

The current decision to adopt one currency is similar to the move made by the European Union to adopt a single currency called Euro.

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34 comments

  • This is cool for member countries and the region.

    Like

  • Joseph Nyamanue Davis

    This is a great step to minimize the inflextion of developing countries in west Africa. Brovo to ECOWAS for “ECO”.
    But as for me I will call it ” LIB-ECO”

    Thanks for this great work.

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    • Thanks ECOWAS for the high level of cooperation. Thanks to our beloved president George M. Weah

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      • What actually did President Weah do here in particular? I’m just concerned because I’m not sure Liberia meets all of the above mentioned criteria.

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    • Mus Emile Kommeh

      Thanks a Million to ECOWAS for this bold step. I appreciate this a lot. I pray, hoping my prayer is answered, that ECOWAS begin to work with rich but mismanaged nations like Liberia to learn to manage their resources so as to enjoy the single currency, ECO. If 5,000 ECO means something in Sierra Leone, let it mean that same thing in Liberia. God Bless ECOWAS.

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      • Great job, ECOWAS, this will ease Liberia’s old age problem of using dual currency. I believe this will work because today we are using the ECOWAS Passport. Bravo, you are the best regional block in Africa.

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      • 1NATION PAPERS

        Africa, Mainly The West Is Making a Big Currency Change With In Our Continatent And Hopefully This Take Over The Whole Of Africa..Thanks ECO

        Like

  • Francis N. Johnson

    This will be one of the dream come true for Africa, and I hope that this will really work for the good of our region.

    And this will also serve as the beginning of United Africa, which is the biggest dream of Africa.

    Like

  • Vivian Lymas Tegli

    Wonderful. I hope this helps a country like Liberia badly unserdeveloped.

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  • William kerkulah

    This is a welcoming news. We hope it holds.

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  • Love the unity’s agreement between west African leaders, let the entire Africa agree to this currency. I pray more ideal come on tables about unity of Africa. Africa we love.

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  • Wonderful,may this agreement come to success. Long live ECOWAS

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  • Concerned liberian

    No more illegal printing of money by The central bank of Liberia.

    Like

  • David Kai Matturie

    Wow…this is a very good news towards the continent of Africa in developing this great continent. With this one currency adopted I foresee a United States of Africa a long time dream of our forefathers

    Like

  • Great news

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    • James V Kiatamba

      Great, indeed West Africa is setting a good precedent for the whole of Africa. Single currency means stronger economy.

      Like

  • Momo S. Kiazolu Jr

    Thanks so to ECOWAS for this brilliant idea put together and it members countries. I asked Allah to implement this policy. May Allah guide us to the right path and give us good leaders to led us.

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  • We as a Africans believe that one day, the continents of Africa will do more than this. Bravo to out’s leaders hope they would always think positively in the growth of Africa. I also thank my president Dr. George manner weah.

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  • The introduction of a single currency in the ECOWAS basin is well noted with thanks. It’s extremely a well placed initiative that will help alleviate the huge costs associated with exchange rates at various boader points.
    Great news for this awesome Regional Block, the ECOWAS and potential trade gurus of the Regional. Thanks for job well done and remain blessed, ECOWAS

    Like

  • Isaac D Dikenah

    Wonderful news. Thank God for our leaders of ECOWAS.
    By the grace of God Liberia shall qualified.
    BRAVO!!!!! His Excellency President Dr George Manneh Weah.
    Born to Win!!!!!!

    Like

    • My fellow Liberians, what did President George M. Weah do in this whole thing? Let us give God the praise and not President Weah.

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  • This is the best news of the year.
    I love it so much and I couldn’t be more excited. Congratulations ECOWAS.
    Together we can achieve more🙏🙏

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  • Col Alhaji Varlee M Keita

    Too good to be true. May Allah/God approve this and grant ECOWAS peace, security, safety and unity, Allahumma Ameen!

    Like

  • This is historic! But, Will it be good for all?

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  • One world currency is loading
    Christ is coming soon
    Be aware

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  • Milton k.klechee

    Thanks to ECOWAS they are doing all their best to see Africa grow. I do appreciate their efforts most especially my president George m. Weah, congratulations prezo your impact has set a blue print for lot of people take control Liberia will comply.

    Like

  • Lawrence Norgbean

    Thanks to ECOWAS for the introduction of ECO; it’s a great sign of Africa empowerment.

    Like

  • I foresee the dreams of our grand parents coming to pass. I hope the incoming new leaders of those west African nation will not come on Wall Street and lobby with the promise of not accepting the new currency into their various countries.

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  • SOUNDS GOOD,

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  • Great thanks to the Ecowas council for that great ideal. What we need next is one language , that will use in all ecowas country with the exception of English and French. We one language ,

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  • ECOWAS citizen

    About time

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    • We are glad to see progress of such in our beloved west Africa. I believed for trading and movement in and around west African countries, ECO will be the answer to our problems instead of USD.

      Like

  • It has been the dream of ECOWAS to take back Africa from those reapers and thank God we’re getting there, first it was ECOWAS PASSPORT NOW ECO CURRENCY thank God for US,and those collaborating countries GOD bless Africa.

    Like

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