The push for a unified currency, known as Eco, in West Africa, is a project that ECOWAS has pursued for over two decades. In 2021, the bloc revised its roadmap, setting a goal to launch the currency by 2027.
Ivory Coast President Alassane Ouattara has called on the Economic Community of West African States (ECOWAS) to advance the timeline for launching a single regional currency, urging members to make it available by 2026 rather than the previously targeted 2027.
“Ivory Coast has made significant efforts, and from next year, it will be ready to meet the required convergence criteria,” Ouattara said, as per reports, following a meeting with Ghanaian President Nana Akufo-Addo in Abidjan, the commercial capital of Ivory Coast.
According to Nigerian analyst Moses Adeolubodun, while Ouattara’s vision is commendable, the region’s readiness is still under question. “The economic landscape across West Africa is highly varied,” Adeolubodun explains to FORBES AFRICA, citing major disparities in inflation rates, fiscal policies, and levels of industrialization among member states.
Nigeria, the largest economy in the region, grapples with oil dependency, fluctuating inflation, and fiscal challenges that differ from those of smaller economies, like The Gambia and Sierra Leone.
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“These economic differences complicate the goal of a shared currency,” Adeolubodun notes, suggesting that achieving economic convergence may take longer than desired.
Beninese analyst Evrard Odjrado adds that political stability and regional commitment are critical to the success of any single currency plan. West Africa has seen political turbulence in recent years, with countries like Mali and Niger experiencing upheavals. “This instability poses a real threat to the reliability of a shared currency,” Odjrado warns.
While ECOWAS has been committed to the single currency project, commitment at the national level varies. Given Nigeria’s economic influence, Odjrado argues that its role is crucial — but some of Nigeria’s own priorities may not align with the sacrifices required for a single currency.
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