In a meeting at the 57th session of the Economic Community of West African States (ECOWAS), the Heads of State and Government discussed the issue of the single currency of the economic community.

We now know what to expect on the adoption of Eco in West Africa. The process of adopting the single currency in the ECOWAS area is continuing. Monday, September 7, 2020, during the 57th ordinary session of the Summit of Heads of State and Government of the sub-regional institution, held in Niamey (Niger), the issue was raised.

During this meeting, the honor went to the Ivorian President Alassane Ouattara and Nabeela Tunis, Minister of Foreign Affairs and International Cooperation of the Republic of Sierra Leone, representing its President Maada Bio, at the same time President in Eercice of the West African Monetary Zone (WAMZ). According to the final communiqué of the summit, at the end of the exchanges, the conference selected nine (9) essential points.

The Heads of State and Government:

•took note of the major changes carried out in the WAMU monetary zone;

•reaffirmed their commitment to the ECOWAS Monetary Cooperation Programme;

•took note that the reform of the WAMU monetary zone is part of the actions to be carried out to transform the FCFA, as well as the other currencies, into ECO, in accordance with the revised ECOWAS roadmap;

•underlined their determination to respect the convergence criteria before the creation of the single currency;

•recognised the economic and financial difficulties created by the COVID-19 pandemic during 2020;

•reaffirmed their commitment to launch the economic reforms necessary to ensure the recovery of their economies;

•appealed to partners to increase support to ECOWAS Member States;

•agreed to abide by the conclusions set out in the report of the Ministerial Committee on the Single Currency of 13 July;

•requested the ECOWAS Commission to continue working with central banks, ministries of finance, WAAM and WAMI, towards the implementation of the revised roadmap for the ECOWAS Single Currency Programme.

Eco, the single currency of the Community of West African States (ECOWAS) had been under discussion for more than a year.

The announcement of the transition of the CFA franc to the ECO, in the West African Economic Monetary Union (WAEMU) had sparked controversy especially at the level of English-speaking countries. The latter accuse the 8 WAEMU countries of seizing the name of the ECOWAS single currency.