West African regional bloc, Ecowas, is stepping up effort to introduce its own single currency Eco in 2027 after years of false start.

Speaking at a meeting of West Africa Monetary Zone today, Momodou Bamba Saho, director general of West Africa Monetary Agency, told the summit that “we would continue to work diligently and robustly towards meeting our obligations under the EMC, and towards the implementing the activities that you have assigned to us under the road map for the launch of the Eco.”

The single currency blueprint was first discussed at a meeting of West African leaders over two decades ago in the Ghanaian capital Accra. 

The intention was to form a monetary union among the non-CFA Franc countries to boost regional trade. 

It was later extended to members of the Ecowas regional bloc. The currency will be pegged to the Euro. 

There are plans to have a central bank of West Africa to oversee the fiscal regime and regulatory framework of the currency.

Mr Saho exclusively told Gambiana that “we have determined the type of central bank as Central Bank of West Africa which is a federal central bank, and the name of the currency and its symbols. And the exchange regime which is going to be free flowing.”

Reporting by Adama Makasuba