ECOWAS Finance Ministers, Central Bank Governors Convene to Mull Over Single Currency

Finance Ministers and Central Bank Governors from across the Economic Community of West African States (ECOWAS) convened in Abuja to tackle the possibility of launching the single currency, the ECO.

This initiative, envisioned to propel economic growth and development throughout the West African sub-region, received Nigeria’s endorsement.

A statement from the Ministry of Finance said Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted the critical role the ECO will play in fostering “economic growth and development in the region,” further emphasizing Nigeria’s unwavering commitment to its successful implementation.

The meeting marks a significant milestone on the path towards realizing this ambitious goal.

Participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the fifteen ECOWAS member states.

The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.

This week’s gathering brought together key players instrumental in making this vision a reality. Alongside the Central Bank of Nigeria, representatives included the Minister of Finance of Cape Verde, Mr. Olavo Correia; the Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly; and the Ghanaian Minister of Finance, Mr. Mohammed Amin Adam.

These figures, along with others, formed a collaborative force dedicated to shaping the future of West African economics.

According to the statement, “The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction. Participants emerged with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states”.