The Economic Community of West African States (ECOWAS) convened its 2025 Mid-Year Joint Statutory Meetings, marking a significant stride towards deeper regional economic integration. Held virtually from August 4th to 18th, 2025, these high-level meetings brought together key financial institutions, policymakers, and development partners to strategize on crucial aspects of monetary integration, macroeconomic coordination, and the anticipated launch of the ECO, the proposed single currency, by 2027. This collaborative effort underscores the region’s commitment to strengthening its economic governance framework and navigating the complexities of the global economic landscape.
The meetings served as a crucial platform for three of the region’s prominent monetary institutions: the West African Monetary Agency (WAMA), the West African Monetary Institute (WAMI), and the West African Institute for Financial and Economic Management (WAIFEM). Their joint participation, along with central bank governors, finance ministers, and macroeconomic experts, highlighted the significance of the discussions. The agenda encompassed a comprehensive review of progress, addressing regional economic challenges, and aligning policy decisions with ECOWAS’s long-term integration goals.
Central to the 2025 meetings were key topics impacting West Africa’s economic architecture. These included a thorough assessment of the 2024 ECOWAS Macroeconomic Convergence Report, providing insights into the region’s economic performance and identifying areas needing attention. Furthermore, the implementation status of the ECOWAS Roadmap, particularly concerning policy harmonization, fiscal discipline, and economic surveillance, was scrutinized. The meetings also addressed pressing issues such as exchange rate fluctuations, inflationary pressures, and the dynamics of financial markets, all of which have profound implications for regional stability and growth.
The performance of the ECOWAS Solidarity and Stabilization Fund, a vital instrument for supporting macroeconomic stability across member states, was another focal point. Discussions also revolved around advancements in regional digital payment systems and financial sector reforms, crucial elements for modernizing the region’s financial infrastructure. Critically, the meetings dedicated considerable attention to the preparatory steps toward the adoption of the ECO single currency, including the establishment of monetary convergence criteria and the development of robust legal frameworks.
The timing of the meetings was particularly pertinent, given the backdrop of heightened global economic uncertainty, escalating inflationary pressures, and volatile exchange rates, all of which have directly impacted the West African Monetary Zone (WAMZ) and other ECOWAS member states. These external pressures, coupled with internal structural challenges, have underscored the urgent need for stronger regional coordination and collaborative policy responses. Experts recognize that persistent inflation and currency depreciation pose significant threats to intra-regional trade, investment flows, and purchasing power within ECOWAS countries, potentially jeopardizing the broader economic convergence agenda.
Liberia actively participated in the 2025 Mid-Year Meetings, with representation from both the Ministry of Finance and Development Planning (MFDP) and the Central Bank of Liberia (CBL). This participation reflects Liberia’s commitment to regional economic integration and its recognition of the importance of collective action in addressing shared challenges. Henry F. Saamoi, Executive Governor of the Central Bank of Liberia, emphasized the significance of the meetings as a platform for evidence-based dialogue, coordinated action, and accelerated progress toward the realization of the ECO. The outcomes of these meetings are expected to shape key monetary and fiscal policy decisions across the region in the latter half of 2025, laying the foundation for robust long-term strategies in support of the 2027 launch of the ECO. The ECO is envisioned as a catalyst for regional economic transformation, facilitating trade, mitigating exchange rate volatility, and fostering monetary stability and sustainable economic growth across ECOWAS’s 15 member countries. Its successful implementation would represent a historic achievement in Africa’s pursuit of regional integration. As ECOWAS navigates the path toward monetary union, the 2025 Mid-Year Joint Statutory Meetings serve as a strategic platform for realigning priorities, mobilizing political will, and reaffirming the region’s shared destiny. With a clear focus on 2027, West Africa is taking deliberate, coordinated steps toward establishing a unified, resilient, and prosperous economic bloc, capable of withstanding external shocks and delivering tangible benefits to its people.
