By Gwurld4026 
Economic Hurdles for ECOWAS Currency Implementation
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has highlighted that inflation and global economic disruptions are impeding progress toward the launch of the ECOWAS single currency, known as the Eco. Speaking at the 11th ECOWAS Convergence Council meeting in Abuja, Edun emphasized the necessity for monetary and fiscal discipline to achieve monetary convergence among ECOWAS member states.
He identified several challenges hindering this progress, including security concerns, inflation, and global economic disruptions. These factors have slowed the advancement toward monetary convergence, which is essential for the successful implementation of the Eco currency.
Despite these challenges, Edun reaffirmed Nigeria’s commitment to regional economic cooperation and integration. He noted that the country is undertaking economic reforms such as improvements in foreign exchange market policies, tax policy enhancements, and the removal of fuel subsidies. These measures aim to boost GDP growth and improve fiscal sustainability, contributing to the broader goal of achieving a single currency for the West African region by 2027.
The ECOWAS bloc continues to work towards the introduction of the Eco currency by 2027, aiming to enhance economic integration and financial stability across West Africa. However, addressing the identified challenges is crucial to ensure the successful realization of this objective