The Economic Community of West African States (ECOWAS) took a significant step towards launching a single regional currency, the ECO, as Finance Ministers and Central Bank Governors gathered in Abuja on Friday.
The meeting, endorsed by Nigeria’s Minister of Finance, Wale Edun, focused on detailed preparations for the currency’s introduction.
The ECO is expected to play a pivotal role in fostering economic development within the community, according to Edun. “Nigeria is fully committed to the ECO and its potential to improve economic growth and development in the region,” he stated.
The meeting aimed to lay a robust groundwork for a smooth transition to a single currency system among the fifteen ECOWAS member states. The envisioned single currency seeks to transform the economic landscape of West Africa, simplifying trade and enhancing monetary stability.
Key economic leaders from the region, including Mr Olavo Correia of Cape Verde, Mr Adama Coulibaly of Cote d’Ivoire, and Mr Mohammed Amin Adam of Ghana, participated in the gathering. The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction, with participants believing the single currency holds immense potential for a more prosperous future for all member states.
