The Economic Community of West African States (ECOWAS) Commission held its 11th Convergence Council meeting on March 3, 2025. The council comprises Finance Ministers and Central Bank Governors from ECOWAS member states. Key discussions included the report from the Macroeconomic Policy Technical Committee meeting, which took place in Abuja from February 27 to March 1, as well as the status of the ECO Roadmap.
Nigeria’s Minister of Finance, Adebayo Olawale Edun, advocated for a single regional currency to bolster ECOWAS's economic integration and enhance the lives of West Africans. Addressing finance ministers and central bank governors, Edun noted the negative impact of global economic conditions on regional economies and emphasized resilience despite these challenges.
Edun proposed a development model focusing on domestic resource mobilization, private sector revitalization, natural resource management improvement, and enhanced collaboration among emerging markets and developing economies. He stressed that ECOWAS should support South Africa's G20 presidency priorities to advance sub-regional and African agendas.
“We should be able to take advantage of South Africa’s G20 presidency to optimize the opportunities offered by recent global paradigm shifts. As a region, we need to speak with one voice and coordinate our efforts to tackle global challenges such as climate change, poverty and inequality,” said Edun.
The session also examined ECOWAS's monetary cooperation program consolidation and regional economic integration issues related to launching the single currency, ECO. Discussions included reports from the Technical Committee on Macroeconomic Policies and conclusions from the Committee on Practical Modalities for launching ECO. Additionally, participants reviewed draft regulations on public debt management and directives for a harmonized public accounting framework.
Dr Omar Alieu Touray, President of the ECOWAS Commission, highlighted global economic challenges like trade tensions and inflationary pressures impacting public finances. “This situation calls for coordinated fiscal and monetary policies to strengthen the resilience of our economies,” advised Dr Touray.
He acknowledged efforts at creating ECO while noting persistent obstacles requiring decisive action for a single regional currency. “Unlike other regions, the ECOWAS space is unique... decision-making and implementation are a lengthy process,” insisted Dr Touray.
Dr Touray reaffirmed ECOWAS Commission's commitment to providing technical assistance in implementing the Community Monetary Cooperation Program. He called this year’s fiftieth anniversary celebration an opportunity to reaffirm commitment to regional integration: “I urge you to redouble your efforts to achieve our common goals and meet the expectations of our communities.”
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