Africa-Press – Liberia. By Lewis S. Teh
Monrovia, February 18, 2026 – Liberia’s Finance Minister, Augustine Kpehe Ngafuan, has urged ECOWAS member states to take decisive action to ensure the successful launch of the long-anticipated ECO single currency by the July 2027 deadline.
Speaking at the 55th End-Year Convergence Council Meeting of the committee of governors, Ngafuan emphasized that the region is at a critical juncture in its monetary integration journey, warning that further delays could erode credibility and increase transaction costs.
The ECO project has faced several postponements, but with the new target date approaching, Ngafuan stressed the need for rigorous implementation and unwavering commitment from all member states.
Liberia has demonstrated progress in meeting macroeconomic benchmarks, with growth estimated at 5.1% in 2025 and projected to rise to 5.4% in 2026.
The first phase of the ECO launch may include countries such as Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, provided they meet convergence criteria and establish necessary governance structures.
Ngafuan asserted that this moment demands decisive action, rigorous implementation, and steadfast commitment from every member state.
He reported that Liberia had made substantial progress by the end of 2025 across all six ECOWAS convergence indicators, including inflation control, fiscal deficit management, Central Bank financing discipline, reserve accumulation, exchange rate stability, and debt sustainability.
Broader regional improvements were also highlighted, with four member states projected to meet 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 these gains, Ngafuan acknowledged ongoing challenges, particularly inflation in some countries. He stressed that meeting the convergence criteria is not a ceremonial exercise, but a test of discipline essential to building a stable monetary union.
Ngafuan underscored that the journey toward the ECO is about more than meeting technical targets. He described the single currency as a bridge connecting markets, reducing transaction costs, and bringing communities closer together.
He called for accelerated reforms, policy harmonization, and strengthened cooperation across member states, while carefully navigating political and economic challenges to keep the regional integration agenda on track.
“The people of West Africa are counting on us,” he said. “They deserve a monetary union that lowers transaction costs, facilitates trade, attracts investment, and improves livelihoods.”
Justice Minister and Acting Chairman of the Cabinet, Cllr. N. Oswald Tweh also issued a strong call for bold and coordinated action across West Africa to safeguard macroeconomic stability and accelerate inclusive growth.
Speaking on behalf of President Joseph Nyuma Boakai, Cllr. Tweh emphasized that the region stands at a decisive moment requiring practical commitments and disciplined implementation. He stated that macroeconomic stability must translate into real improvements in citizens’ lives, highlighting that low inflation, prudent fiscal management, and sound financial systems are means to a greater goal: generating jobs, empowering entrepreneurs, expanding access to education and healthcare, and ensuring that growth is equitably shared.
The 55th Convergence Council Meeting brought together Finance Ministers, Central Bank Governors, and regional institutions to assess macroeconomic performance and progress toward monetary integration under ECOWAS. The gathering was part of the Joint ECOWAS/WAMA, WAMI, and WAIFEM Statutory Meetings held in Liberia from February 4–13.
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