Announced with much fanfare in Abidjan in December 2019 by Ivorian President Alassane Ouattara and French President Emmanuel Macron, the eco project , a long-awaited common currency for West Africa , has since languished in uncertainty. Now, as political and economic turbulence grips the region, Ouattara is pushing to put the initiative back on track.
The eco was conceived as a bold step to deepen regional integration under the Economic Community of West African States (ECOWAS), replacing the CFA franc in the eight-member West African Economic and Monetary Union (WAEMU) and eventually extending to all 15 ECOWAS countries. Supporters hailed it as a symbol of sovereignty and a tool for boosting intra-African trade. But delays, disagreements over monetary policy, and the impact of global crises stalled its implementation.
In recent months, Ouattara has intensified his calls for relaunching the project, arguing that a common currency is critical for stabilizing economies, strengthening regional trade, and protecting West African states from external shocks. His push comes at a time when the WAEMU bloc is under pressure: soaring inflation, fiscal deficits, and political instability in countries like Niger, Mali, and Burkina Faso have tested the resilience of the CFA franc zone.
“The eco remains an essential project for the economic independence of our region,” Ouattara told senior officials in Abidjan, reaffirming Côte d’Ivoire’s commitment to lead the process.
Analysts note that political will is a key hurdle. Nigeria, the region’s economic powerhouse, has expressed caution about adopting the currency, citing concerns over convergence criteria and the need for strong monetary discipline. Meanwhile, debates continue over the role of France, which had pledged to reduce its influence by ending the centralization of WAEMU reserves in the French Treasury.
Despite the setbacks, Ouattara’s renewed push suggests a fresh attempt to rally ECOWAS leaders around the project ahead of key regional summits. For many, the revival of the eco will be a litmus test of West Africa’s ability to achieve greater economic unity in a time of fragmentation.
Whether the project finally advances will depend on how effectively Ouattara can balance competing national interests and navigate the delicate politics of regional integration.
