The Economic Community of West African States has directed its Commission to immediately convene a meeting of the President’s Task Force to fast-track the process toward launching its planned single currency in 2027.

The directive was given at its 14th Session of the Convergence Council held by videoconference on Tuesday.

The meeting reviewed progress and requirements toward establishing the ECOWAS single currency in July next year.

The commission said the Tuesday session considered the report of the 68th Meeting of the Committee of Governors of ECOWAS central banks held on Friday.

“The council requested the ECOWAS Commission to immediately convene the Meeting of the President Task Force to fast-track the process,” the commission said.

The commission explained that the previous meetings examined the economic performance of member states and reviewed their convergence status and progress recorded on the remaining conditions required for the launch of the ECO.

It added, “The meetings reviewed the economic performance and convergence status of member states and assessed progress on the outstanding requirements for the launch of the ECO.”

ECOWAS’s decision to launch a single currency was driven by the need to strengthen monetary cooperation, facilitate cross-border trade, reduce transaction costs, and deepen economic integration among member states.