Finance and Development Planning Minister, Augustine Kpehe Ngafuan, has called for decisive and coordinated action among member states of the Economic Community of West African States (ECOWAS) to meet the July, 2027, target for the launch of the Eco single currency.
At the opening session of the 55th End-Year Convergence Council Meeting held at a resort in Margibi County, Ngafuan described the region as being at a “critical juncture in its monetary integration journey.
“The Eco single currency; 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.”
Ngafuan said, the moment demands decisive action, rigorous implementation, and unwavering commitment from every member state.
He reported that Liberia made substantial progress by the end of 2025 in all six ECOWAS convergence indicators, including inflation control, fiscal deficit management, Central Bank financing discipline, reserve accumulation, exchange rate stability and debt sustainability.
He noted that broader regional improvements as well, 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, he acknowledged ongoing challenges, particularly inflation in some countries.
He said meeting the convergence criteria is not a ceremonial exercise, but a test of discipline essential to build a stable monetary union.
Mr. Ngafuan underscored that the journey toward the Eco is about more than meeting technical targets.
He described the single currency as a bridge that connects markets, reduces transaction costs and brings communities closer.
He called for accelerated reforms, policy harmonization, and strengthened cooperation across member states, while carefully navigating political economic challenges to keep the regional integration agenda on course.
“The people of West Africa are counting on us. They deserve a monetary union that lowers transaction costs, facilitates trade, attracts investment and improves livelihoods.”
The Minister of Justice, N. Oswald Tweh, issued a strong call for bold, and coordinated action across West Africa to safeguard macroeconomic stability and accelerate inclusive growth.
Tweh stressed that the region stands at a decisive moment requiring practical commitments and disciplined implementation.
He underscored that macroeconomic stability must translate into real improvements in the lives of citizens.
He said, the low inflation, prudent fiscal management, and sound financial systems are meant to a larger goal; generating jobs, empowering entrepreneurs, expanding access to education, and healthcare and ensure that growth is equitably shared.
The 55th Convergence Council Meeting brought together finance ministers, central bank governors, and regional institutions.
They assessed macroeconomic performance and progress toward monetary integration under ECOWAS.
It formed part of the Joint ECOWAS/WAMA, WAMI, and WAIFEM Statutory Meetings held in Liberia from February 4–13.
