The Minister of Finance and Development Planning of Liberia, Hon. Augustine Kpehe Ngafuan, has urged countries in the Economic Community of West African States (ECOWAS) to act decisively and work together to meet the target for launching the Eco single currency by July 2027. Speaking at the 55th End-Year Convergence Council Meeting at Farmington Hotel in Harbel City, Margibi County, Ngafuan described this period as a critical point in ECOWAS’s monetary integration efforts.
“The Eco, the single currency our region has pursued with determination, has faced multiple postponements. But with July 2027 now set as the new horizon, we no longer have the luxury of drifting,” Ngafuan said during his address. He added that it is a time for “decisive action, rigorous implementation, and unwavering commitment from every Member State.”
Ngafuan reported that Liberia had achieved progress on all six ECOWAS convergence indicators by the end of 2025. These include inflation control, fiscal deficit management, discipline in Central Bank financing, reserve accumulation, exchange rate stability, and debt sustainability. He also pointed out that more member states are meeting key targets: four countries are projected to satisfy all four main convergence criteria by 2025 compared to two in 2024; eight states are expected to meet at least three criteria.
Despite these advances, challenges remain—particularly inflation in some member states. Ngafuan stressed that achieving convergence should not be viewed as ceremonial but rather as an essential test of discipline for building a stable monetary union.
He highlighted that establishing the Eco is about more than technical benchmarks; it is intended to connect markets within West Africa, lower transaction costs for businesses and individuals, and bring communities closer together. Ngafuan called for faster reforms and greater policy coordination among member countries while navigating political and economic challenges.
“The people of West Africa are counting on us,” he said. “They deserve a monetary union that lowers transaction costs, facilitates trade, attracts investment, and improves livelihoods.”
Minister of Justice and Acting Chairman of the Cabinet Cllr. N. Oswald Tweh echoed these sentiments on behalf of President Joseph Nyuma Boakai. Tweh called for bold coordinated actions across West Africa to safeguard macroeconomic stability and support inclusive growth.
Tweh stated that macroeconomic stability must result in tangible improvements in citizens’ lives. He emphasized that measures such as low inflation rates and prudent fiscal management should ultimately generate jobs, empower entrepreneurs, expand access to education and healthcare services, and ensure equitable growth across society.
The meeting gathered Finance Ministers, Central Bank Governors, and regional institutions to review macroeconomic performance and steps toward monetary integration under ECOWAS guidelines. It was part of broader statutory meetings involving ECOWAS bodies WAMA (West African Monetary Agency), WAMI (West African Monetary Institute), and WAIFEM (West African Institute for Financial and Economic Management), which took place from February 4–13 in Liberia.