ECOWAS, an organization created to promote regional economic integration, indicated in an official media statement the indefinite suspension of its single currency initiative ECO.

The Economic Community of West African States (ECOWAS), an organization created to promote regional economic integration, indicated in an official media statement the indefinite suspension of its single currency initiative – ECO – after years of struggles to actualize the plan. The African Union (AU) and Regional Economic Organizations have not successfully created their own currencies. While none of Africa’s regional organizations have created its single currency considered as a mechanism for promoting trade and pursuing their collective economic aspirations down years, these African leaders have currently engaged in discussions over de-dollarization.

In June 2019, the ECOWAS Heads of States and Government expressed ultimate commitment to having a single currency and desirously adopted the name “ECO” during its Extraordinary Session in Abuja, capital of Federal Republic of Nigeria. Prior to that, there were series of discussions at summit and conferences focusing on economic integration including the single currency. Quite recently, Former Nigerian President, Olusegun Obasanjo has advised the Economic Community of West African States (ECOWAS) to consider seriously the adoption of a single currency for member countries in order to boost trade in the region. Obasanjo gave this suggestion at the 24th Annual General Meeting (AGM) of the African Export-Import Bank (Afreximbank) in Kigali, Rwanda.

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