By Lewis S. Teh
Monrovia, February 18, 2026 – Liberia’s Finance Minister, Augustine Kpehe Ngafuan, has urged ECOWAS member states to take decisive motion to make sure the profitable launch of the long-anticipated ECO single foreign money by the July 2027 deadline.
Talking on the fifty fifth Finish-Yr Convergence Council Assembly of the committee of governors, Ngafuan emphasised that the area is at a essential juncture in its financial integration journey, warning that additional delays may erode credibility and enhance transaction prices.
The ECO challenge has confronted a number of postponements, however with the brand new goal date approaching, Ngafuan harassed the necessity for rigorous implementation and unwavering dedication from all member states.
Liberia has demonstrated progress in assembly macroeconomic benchmarks, with development estimated at 5.1% in 2025 and projected to rise to five.4% in 2026.
The primary part of the ECO launch could embrace international locations corresponding to Liberia, Nigeria, Ghana, Sierra Leone, Guinea, and The Gambia, supplied they meet convergence standards and set up essential governance buildings.
Ngafuan asserted that this second calls for decisive motion, rigorous implementation, and steadfast dedication from each member state.
He reported that Liberia had made substantial progress by the top of 2025 throughout all six ECOWAS convergence indicators, together with inflation management, fiscal deficit administration, Central Financial institution financing self-discipline, reserve accumulation, alternate price stability, and debt sustainability.
Broader regional enhancements have been additionally highlighted, with 4 member states projected to fulfill the 4 main convergence standards by 2025, up from two in 2024. Moreover, eight member states are anticipated to fulfill at the very least three standards.
Regardless of these features, Ngafuan acknowledged ongoing challenges, notably inflation in some international locations. He harassed that assembly the convergence standards just isn’t a ceremonial train, however a take a look at of self-discipline important to constructing a steady financial union.
Ngafuan underscored that the journey towards the ECO is about greater than assembly technical targets. He described the only foreign money as a bridge connecting markets, lowering transaction prices, and bringing communities nearer collectively.
He referred to as for accelerated reforms, coverage harmonization, and strengthened cooperation throughout member states, whereas fastidiously navigating political and financial challenges to maintain the regional integration agenda on monitor.
“The individuals of West Africa are relying on us,” he stated. “They deserve a financial union that lowers transaction prices, facilitates commerce, attracts funding, and improves livelihoods.”
Justice Minister and Performing Chairman of the Cupboard, Cllr. N. Oswald Tweh additionally issued a robust name for daring and coordinated motion throughout West Africa to safeguard macroeconomic stability and speed up inclusive development.
Talking on behalf of President Joseph Nyuma Boakai, Cllr. Tweh emphasised that the area stands at a decisive second requiring sensible commitments and disciplined implementation. He acknowledged that macroeconomic stability should translate into actual enhancements in residents’ lives, highlighting that low inflation, prudent fiscal administration, and sound monetary methods are means to a better purpose: producing jobs, empowering entrepreneurs, increasing entry to training and healthcare, and making certain that development is equitably shared.
The fifty fifth Convergence Council Assembly introduced collectively Finance Ministers, Central Financial institution Governors, and regional establishments to evaluate macroeconomic efficiency and progress towards financial integration beneath ECOWAS. The gathering was a part of the Joint ECOWAS/WAMA, WAMI, and WAIFEM Statutory Conferences held in Liberia from February 4–13. http://
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