What is the ECOWAS single currency and when could it launch?

It is a proposed common money for West Africa, known as the ECO. Central bank governors are working toward a 2027 start. The aim is to cut transaction costs, improve price transparency, and support trade and investment across member states, starting with a likely first-wave group.

Which countries might join first?

Regional signals suggest an initial phase could include Nigeria, Ghana, Liberia, Sierra Leone, Guinea and The Gambia. A broader rollout would follow as technical systems, legal frameworks, and macroeconomic conditions align with ECOWAS convergence criteria and authorities confirm readiness for the ECO.

How could the ECO affect UK businesses and investors?

It could simplify sterling conversions, narrow FX spreads, and standardise pricing across West Africa. That may help UK exporters, importers and remittance providers. For investors, effects may include changes to sovereign risk premia, liquidity in local markets, and earnings translation for London-listed companies with West African exposure.

What could delay ECO currency 2027?

Delays could stem from persistent inflation, large fiscal deficits, or weak reserves in key economies. Legal tender laws, payment rails, and bank IT migrations also need time. Elections and policy shifts may add uncertainty. Clear guidance on conversion, rounding and cash timelines will help keep the programme on track.

Global Market Insights

February 14: ECOWAS Governors Move to Finalize ECO Currency for 2027

ByHuzaifa Zahoor February 14, 2026February 14, 2026

ECOWAS single currency talks are entering a decisive phase. On 14 February, central bank governors from 12 ECOWAS states meet in Monrovia to finalise steps for the ECO currency 2027 target. A first phase could include Nigeria, Ghana, Liberia, Sierra Leone, Guinea and The Gambia. For UK investors, the project could reshape pricing, FX costs and liquidity across West Africa. We outline what to watch on ECOWAS convergence criteria, where risks may sit, and how to prepare portfolios for a possible West Africa monetary union.