ECOWAS Heads Of State
By Buba Gagigo
The Economic Community of West African States (ECOWAS) has praised the progress made toward the launch of its single currency, the ECO while setting clear criteria for Member State participation and urging swift action to meet implementation timelines.
At the Sixty-Sixth Ordinary Session of the Authority of Heads of State and Government, the regional bloc lauded the work of the High-Level Committee on Practical Arrangements for the ECO’s rollout and the consensus achieved on key directives issued during the previous session.
“The Authority commends the High-Level Committee on Practical Arrangements for the launch of the ECO for the work accomplished and the significant consensus reached in the implementation of the directives issued at its 65th Ordinary Session. The Authority adopts the criteria proposed by the High-Level Committee for the selection of candidate Member States for the launch of ECO or those which would join at a later stage. It instructs the Commission, in collaboration with the West African Monetary Agency (WAMA), to ensure that these criteria are incorporated into the Protocol,” ECOWAS Commission President, Omar Touray said.
The Authority also approved the Committee’s proposals on the financial framework, including costs, sources, and mechanisms for funding the institutions and reforms required for the ECO’s operationalization. It urged Central Banks and Member States to take immediate steps to fulfill their financial commitments once the launch date for the single currency is determined.
“The Heads of State urge the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify its efforts to ensure that the deadlines set for the establishment and operationalization of the institutions needed to launch the ECO are met,” Touray added.
The ECO is envisioned to be a cornerstone of economic integration in West Africa and it remains a key priority for ECOWAS as it continues to build consensus, harmonize policies, and foster greater regional cooperation.