West African regional bloc adopts new plan to launch Eco in 2027

A group of fifteen West African countries have adopted a new road map to launch a single currency in 2027 after its previous plans were derailed by the coronavirus pandemic.

After a summit of the leaders in Ghana on Saturday, Jean-Claude Kassi Brou, president of the ECOWAS Commission, told a news conference that the new road map was agreed by heads of state of the Economic Community of West African States (ECOWAS).

Brou said due to the shock of the pandemic, the heads of state had decided to suspend the implementation of the convergence pact in 2020-2021, adding that a new convergence pact will cover the period between 2022-2026, and 2027 being the launch of the Eco.

The countries hope a single currency will help to boost trade and economic growth

Nigeria, the largest economy in West Africa, currently operates a managed float for its currency, while eight others including top cocoa producer Ivory Coast, use the France-backed CFA, pegged to the euro.