On March 03, 2025, the ECOWAS Commission organized the 11th meeting of the ECOWAS Convergence Council, made up of the Ministers of Finance and Central Bank Governors of ECOWAS member states. The meeting examined the Report of the ECOWAS Macroeconomic Policy Technical Committee meeting, held from February 27 to March 1, 2025 in Abuja, as well as important issues such as the status of implementation of the ECO Roadmap.
Speaking at the opening ceremony, Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Adebayo Olawale Edun, called for the creation of a single regional currency to drive the Economic Community of West African States’ (ECOWAS) economic integration program, and improve the lives of the people of West Africa.
Addressing the finance ministers, central bank governors and heads of financial institutions in the community, Mr. Edun recalled the adverse effects of the global economic landscape on regional economies, resulting in a deterioration in the convergence profile of ECOWAS, despite the existence of cases of resilience.
In the face of current geopolitical tensions, he recommended a new development model based on bold reforms to mobilize domestic resources, reinvigorate the private sector, improve natural resource management and engage in greater collaboration between emerging markets and developing economies.
He underlined the need for the regional organization to play a key role in supporting the priorities and outcomes of South Africa’s G20 presidency and in advancing ECOWAS’s sub-regional and African agenda.
“We should be able to take advantage of South Africa’s G20 presidency to optimize the op-portunities 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 Mr. Edun.
He informed the audience of the numerous economic reforms initiated by Nigeria and the significant results they have already achieved.
This 11th ordinary session of the ECOWAS Convergence Council examined issues relating to the consolidation of the ECOWAS monetary cooperation program and regional economic integration, including the launch of the single currency, the ECO.
It also considered the report of the meeting of the Technical Committee on Macroeconomic Policies, and the conclusions and recommendations of the 3rd meeting of the Committee on Practical Modalities for the launch of the said currency. Participants also analyzed the draft regulation on public debt management and the draft directive on the harmonized framework for public accounting.
For the President of the ECOWAS Commission, Dr Omar Alieu Touray, this meeting takes place against a global economic backdrop marked by trade tensions, persistent inflationary pressures and deteriorating public finances. “This situation calls for coordinated fiscal and monetary policies to strengthen the resilience of our economies”, advised Dr Touray.
He recalled the numerous efforts made at regional level to create the ECO, as well as the various obstacles that persist and require concerted and decisive action to achieve a single regional currency.
“Unlike other regions, the ECOWAS space is unique, characterized by a Monetary Union, Federal States and Unitary States within the Community. As a result, decision-making and implementation are a lengthy process”, insisted Dr Touray.
He reiterated the commitment of the ECOWAS Commission to continue providing technical assistance to member states in the implementation of the Community Monetary Cooperation Program.
In his view, this year’s celebration of the fiftieth anniversary of ECOWAS should be a historic opportunity to reaffirm everyone’s commitment to regional integration.
“I urge you to redouble your efforts to achieve our common goals and meet the expectations of our communities to live together in a peaceful region”, concluded the President of the ECOWAS Commission.
Source: ECOWAS