Sierra Leone is among 12 West African nations pushing forward with plans to launch a single regional currency, the Eco, following high-level meetings of central bank governors in Monrovia, Liberia.

The governors convened under the framework of the Economic Community of West African States (ECOWAS) to fast-track preparations for the long-delayed currency project, currently targeted for 2027.

The 12 countries driving the Eco initiative include Nigeria, Ghana, Liberia, Sierra Leone, Guinea, The Gambia, Cape Verde, Guinea-Bissau, Senegal, Côte d’Ivoire, Togo, and Benin

However, the rollout will follow a phased approach. The first wave is expected to involve six countries: Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia — provided they meet agreed fiscal and monetary convergence criteria.

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These benchmarks include inflation control, sustainable debt levels, stable exchange rates, and disciplined fiscal deficits. Officials insist that compliance will be non-negotiable.

The high-level meeting, held from February 4 to 13, 2026, brought together central bank governors, finance ministers, and senior technical experts from across the subregion. Discussions focused on harmonising monetary policies, strengthening governance systems, and ensuring that participating nations meet strict macroeconomic benchmarks required for the rollout.

Boima S. Kamara, Director General of the West African Monetary Agency (WAMA), 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 .

“Despite these advances, we acknowledge significant delays in implementing the ECOWAS Single Currency Roadmap,” Kamara said, while emphasising that the agency is prioritising the rollout of the ECOWAS Payments and Settlement System (EPSS) and the operationalization of the ECOWAS Exchange Rate Mechanism (EcERM) to accelerate progress.

Henry F. Saamoi, Executive Governor of the Central Bank of Liberia, noted that ECOWAS economies have demonstrated resilience, with regional growth estimated at 4.8 percent in 2025 and projected to reach 5 percent in 2026.

However, he warned: “Resilience alone is not enough. We must ensure that our progress translates into durable stability and shared prosperity” .

Liberia’s Finance Minister Augustine Kpehe Ngafuan reported broader regional improvements, with four member states projected to satisfy the four primary convergence criteria by 2025, up from two in 2024. Additionally, eight member states are expected to meet at least three criteria.

Despite this progress, officials acknowledged ongoing challenges, particularly inflation in some countries, and stressed that meeting the convergence criteria is essential to building a stable monetary union.

The ECOWAS Commission has reaffirmed its commitment to launching the Eco currency by 2027, though some experts question the feasibility of this timeline given ongoing delays in meeting the convergence criteria.

Liberia’s Finance Minister Ngafuan issued a strong call for action, stating: “The Eco, the single currency our region has pursued with determination, has faced multiple postponements. But with July 2027 now set as the new horizon, we no longer have the luxury of drifting”.

Illiyasu Bobbo, representing the ECOWAS Commission, 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”.

Sierra Leone was well-represented at the meetings. Alimamy Bangura, Chief Economist at Sierra Leone’s Ministry of Finance and Chairman of the Joint Technical Committee, 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 harmonisation of financial and macroeconomic policies.

If successfully launched, the Eco would rank among Africa’s most ambitious monetary integration projects. A unified currency could reduce exchange rate risks, cut transaction costs for businesses, and stimulate trade within the subregion.

For businesses operating across borders, eliminating multiple currency conversions could simplify operations and improve price transparency. Governments hope the Eco would strengthen economic stability and enhance West Africa’s collective bargaining power in global markets.

The Eco project has been on the regional agenda for years but has repeatedly stalled due to economic divergence among member states. Inflation spikes, widening fiscal deficits, exchange rate volatility, and uneven growth patterns have made convergence difficult.

Some countries have struggled to maintain single-digit inflation or keep budget deficits within agreed limits. Others have faced currency instability, complicating efforts to align monetary frameworks across borders.

The launch has been postponed multiple times since the project was first proposed more than two decades ago. ECOWAS authorities reaffirmed the 2027 target under a revised roadmap designed to close policy, technical, and financing gaps.

For now, the Monrovia meeting has placed the Eco firmly back on the policy front burner. Whether the region can finally move from blueprint to implementation will depend on how seriously member states pursue the reforms required to make a single currency work.