ECOWAS Set to Unveil Single Currency for West African Countries

By Lod Onyeji

The Economic Community of West African States (ECOWAS) is poised to introduce a single currency, known as ECO, aimed at fostering economic growth and development across the West African sub-region. Nigeria has officially endorsed the initiative, which has reached an advanced stage.

ECO Integrated into Upcoming Identity Card

The National Identity Management Commission (NIMC) will roll out a three-in-one identity card in August, which will feature the ECO. This development marks a significant step forward in the region's economic integration efforts.

Finance Ministers and Central Bank Governors Endorse Initiative

Finance Ministers and Central Bank Governors from the 15 ECOWAS member states convened in Abuja to agree on the modalities for the single currency initiative. Nigeria's Minister of Finance, Wale Edun, emphasized the positive impact of the ECO on economic growth and development in the region.

Collaborative Efforts for a More Integrated Economic Future

The initiative has garnered broad support from ECOWAS member states, with key figures such as Cape Verde's Minister of Finance, Olavo Correia, and Ghana's Minister of Finance, Mohammed Amin Adam, participating in the effort. The ECO aims to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region.

This development marks a significant step towards a more integrated economic future for West Africa, and the successful implementation of the ECO is poised to have a positive impact on the region's economic growth and development.