Onasami: ECO framework to address local currencies’ volatility concerns

The Lead Partner at Cardinal Professional Services, Emmanuel Onasami, believes that the implementation framework of the ECOWAS single currency, ECO, will address lingering issues of local currencies’ volatility. Despite concerns over the recent break away of Niger, Burkina Faso, and Mali from the regional bloc, Onasami highlights that the 2027 implementation timeline provides ample time to align all interests for a successful rollout. The ECO framework aims to ensure that participating economies meet specific criteria concerning inflation rates, debt-to-GDP ratio, and other fundamental factors to build investor confidence and stability in the region's currency. Onasami emphasizes that regional integration and unification of currency are crucial steps towards fostering economic growth and development in West Africa. As the continent moves towards greater economic cooperation with initiatives like the African Continental Free Trade Area and the Pan-African Payment and Settlement System, the ECO presents an opportunity for a larger market and increased investment reliability.