ECOWAS has intensified efforts to launch the single currency, ECO, by 2027, following directives issued at its 65th Ordinary Session. This decision was reaffirmed during the 66th session held in Abuja.
The bloc, initially targeting a 2020 launch, faced delays due to the COVID-19 pandemic. The High-Level Committee’s proposed selection criteria for candidate countries have been adopted, with member states urged to fulfill financial obligations for the project.
The ECO aims to lower trade costs, boost intra-regional commerce, and enhance economic prosperity across the 15-member bloc. Transition plans may include a dual currency phase or distinct ECO zones where national currencies are pegged to the ECO.
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Additionally, ECOWAS emphasized agriculture’s critical role in regional development, directing swift implementation of the Regional Rice Self-sufficiency Initiative (2025-2035) and the Comprehensive African Agriculture Development Programme (CAADP).
Cooperation with technical and financial partners was highlighted, ensuring food security and advancing socio-economic goals in the region.
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