The Economic Community of West African States (ECOWAS) has once again promised to launch its long-awaited single currency, the ECO, in 2027. On July 19, during a summit in Freetown, Sierra Leone, ECOWAS heads of state reaffirmed their goal to introduce the currency in phases, beginning with countries that are ready.

The ECO trademark has been registered with the African Intellectual Property Organization, marking a symbolic step forward for the project. However, structural challenges such as economic divergences among member states and concerns over monetary sovereignty continue to pose significant obstacles to the currency's implementation.

Alain Zagote, Managing Director of FX at Fitch Advisory, highlighted these ongoing difficulties in an interview with Africanews Business Africa.

In related regional developments, pan-African airline ASKY is accelerating its expansion following the delivery of two new Boeing 737 MAX 8 aircraft in July. Among its latest additions is a direct flight route between Lomé, Togo, and Kano, Nigeria, which was launched on August 5.

While the ECO's launch remains a major goal for ECOWAS, the path ahead is complex and will require addressing longstanding economic and political issues within the region.

Sources