MONROVIA — West African economic policymakers, central bank officials, and regional financial experts on Monday convened in Monrovia for the second ordinary meeting of key technical committees of Economic Community of West African States and the West African Monetary Agency, as part of regional meetings running from Feb. 4 to 13 focused on advancing plans for a proposed ECOWAS single currency.
The meeting brings together representatives of finance ministries, central banks, and regional institutions to strengthen monetary cooperation and coordinate policy actions ahead of the bloc's revised 2027 target for introducing the single currency, known as the ECO.
Opening the session, Henry F. Saamoi, Executive Governor of the Central Bank of Liberia, described the gathering as a critical step in deepening regional economic integration.
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"Your presence here reflects our shared commitment to advancing monetary cooperation and sustaining momentum toward the ECOWAS single currency," Saamoi said, describing the committee as "the technical backbone of ECOWAS's monetary integration architecture."
Saamoi noted that the meeting is taking place against a backdrop of global economic uncertainty, including geopolitical tensions and commodity price volatility. Despite these challenges, he said ECOWAS economies have demonstrated resilience, with regional growth estimated at 4.8 percent in 2025 and projected to reach 5 percent in 2026.
"Resilience alone is not enough," he warned. "We must ensure that our progress translates into durable stability and shared prosperity."
Turning to Liberia's performance, Saamoi said the country recorded economic growth of 5.1 percent in 2025, driven largely by mining expansion and infrastructure investments. Inflation, he added, declined to 4 percent at the end of the year--the lowest level in more than two decades.
According to Saamoi, Liberia met two of the four primary ECOWAS convergence criteria and all secondary benchmarks, underscoring the country's commitment to regional monetary integration.
Also addressing the meeting, WAMA Director General Boima S. Kamara said the single currency initiative remains achievable despite persistent implementation challenges.
"The climb to convergence and subsequent launch of the ECO is steep but not insurmountable," Kamara said, urging member states to make pragmatic decisions aligned with regional realities.
He disclosed that WAMA is responsible for implementing 78 of the 135 activities outlined in the revised monetary roadmap, noting that 22 activities have already been completed, with several others expected before 2027.
"Adequate funding of roadmap activities, timely decision-making, and the adoption of legal texts remain critical requirements for the launch of the ECO," Kamara said.
Representing the ECOWAS Commission, Illiyasu Bobbo emphasized the need for stronger coordination among regional institutions.
"Measurable and sustainable progress toward the ECOWAS monetary union can only be achieved through strengthened coordination, structured cooperation, and continuous consultation," Bobbo said.
He cautioned that delays in addressing implementation challenges could jeopardize the 2027 timeline, warning that "there is a tangible risk that the target deadline may not be achieved unless serious collective actions are urgently taken."
Meanwhile, Chairman of the Joint Technical Committee and Chief Economist at Sierra Leone's Ministry of Finance, Alimamy Bangura, said economic indicators across the region show gradual improvement.
"The monetary integration agenda of the ECOWAS region has come a long way," Bangura said. "The path to ultimate success remains daunting, though attainable."
He urged member states to strengthen policy implementation, deepen compromise, and accelerate the harmonization of financial and macroeconomic policies.
Policy Background: The ECO Currency
The proposed ECO single currency is a cornerstone of ECOWAS' long-standing strategy to promote economic integration, improve intra-regional trade, and reduce exchange-rate risks among its 15 member states. First proposed more than two decades ago, the initiative aims to establish a monetary union comparable to the Eurozone.
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Under the ECOWAS Monetary Cooperation Program, countries are required to meet macroeconomic convergence criteria, including low inflation, controlled fiscal deficits, stable exchange rates, and adequate external reserves, before adopting the currency.
The launch of the ECO has been repeatedly postponed due to uneven economic performance among member states and delays in establishing key institutions, including the proposed Central Bank of West Africa. ECOWAS authorities, however, reaffirmed a 2027 target under a revised roadmap designed to close policy, technical, and financing gaps.
The Monrovia meetings are expected to produce technical recommendations for submission to the ECOWAS Convergence Council and the Committee of Governors later this week. Officials say the outcomes will shape key policy decisions guiding regional integration and the planned introduction of the ECOWAS single currency.
