Wale Edun: Inflation, global economic disruptions hindering ECOWAS single currency launch

Wale Edun, minister of finance and coordinating minster of the economy, says inflation and global economic disruptions are hindering monetary convergence within the Economic Community of West African States (ECOWAS).

Edun spoke at the 11th ECOWAS convergence council in Abuja, where finance ministers and central bank governors gathered to discuss the long-anticipated launch of the Eco currency by 2027.

At its 55th ordinary session in July 2019, ECOWAS agreed to launch Eco in January 2020.

The 15-member regional group later adopted a new road map which shifted the currency’s launch to 2027 at its 59th ordinary session in Ghana in 2021.

Speaking at the meeting in Abuja, Edun reaffirmed Nigeria’s commitment to regional economic cooperation.

According to a statement by Mohammed Manga, director of information and public relations at the ministry, the minister emphasised the need for monetary and fiscal discipline, citing security challenges, inflation, and global economic disruptions as factors slowing progress toward monetary convergence.

“Security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence,” Edun was quoted as saying.

The minister also highlighted Nigeria’s economic reforms, including foreign exchange (FX) market reforms, tax policy improvements, and petrol subsidy removal.

The reforms, he said, have contributed to the gross domestic product (GDP) growth rate of 3.4 percent in 2024 and improved fiscal sustainability.

Beyond domestic measures, Edun stressed the importance of stronger regional coordination and ECOWAS’ role in shaping global financial policies.

He underscored ongoing engagements with South Africa’s G20 presidency as an opportunity to align West Africa’s economic priorities with broader African goals.

“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” the mi nister said.

The ministry of finance said West Africa is on the verge of making history with the introduction of the Eco currency.

“This monumental achievement will not only foster greater economic integration and cooperation among ECOWAS member states but also send a powerful message about the region’s commitment to global economic stability and prosperity,” the statement added.

Manga said the successful adoption of the Eco currency would solidify West Africa’s standing in the global economy, fostering growth, innovation, and opportunities for future generations.