The Economic Community of West African States (ECOWAS) Commission and the West African Institute for Financial and Economic Management (WAIFEM) have reaffirmed their commitment to deepening collaboration. This partnership aims to promote economic resilience, enhance financial governance, and drive sustainable growth across the West African region.
A high-level delegation from WAIFEM, led by Director General Dr. Baba Yusuf Musa, visited the ECOWAS Commission and was received by ECOWAS President Dr. Omar Alieu Touray. The meeting highlighted a shared vision for a more prosperous and integrated West Africa.
During discussions, leaders emphasized amplifying efforts to strengthen financial governance and build economic resilience against global and regional challenges. Both organizations pledged close cooperation on capacity building, policy harmonization, and knowledge sharing to support the region's sustainable development agenda.
“We recognize the vital role of collaboration in achieving our shared goals for West Africa’s economic stability and growth,” said Dr. Touray. “Our partnership with WAIFEM will enhance our ability to address financial and economic challenges and pave the way for a more integrated and prosperous region.”
Dr. Touray reaffirmed that the 2027 launch date for ECOWAS’s single currency, the “ECO,” remains sacrosanct. He stated that not all member states need to meet convergence criteria before the launch, similar to the European Union’s approach with the Euro: “Let’s move ahead, and others will meet up.”
Dr. Musa echoed this sentiment, highlighting WAIFEM’s commitment to providing training, technical assistance, and research to strengthen economic management and financial governance. “By working hand-in-hand with ECOWAS, we can harness our collective expertise to drive impactful initiatives that benefit the entire region,” he said.
Dr. Musa announced WAIFEM’s plan to propose an MoU with ECOWAS to formalize their collaboration and strengthen human and institutional capacities of member states. Key focus areas include governance, fiscal policy, debt management, regional integration, financial sector stability, and macroeconomic management.
WAIFEM has played a pivotal role in supporting regional economic initiatives in collaboration with ECOWAS by developing tools like ECOMAC for monitoring macroeconomic convergence.
The pursuit of the ECO currency represents a transformative initiative poised to redefine West Africa's economic landscape. Its successful adoption requires strong macroeconomic convergence, robust monetary policy frameworks, and institutional preparedness. WAIFEM stands ready to support ECOWAS through specialized training and technical assistance for policymakers.
This renewed partnership marks a significant step toward aligning efforts for sustainable economic development across West Africa. ECOWAS and WAIFEM remain dedicated to building a robust economic framework supporting regional aspirations.
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