As part of the implementation of the ECOWAS Roadmap for the launch of the ECO currency, the West African Monetary Agency (WAMA) organized a Regional Workshop on the Establishment of the ECOWAS Exchange Rate Mechanism (EcERM), hosted by the Central Bank of Liberia (CBL), in Monrovia, Liberia, from 22 to 26 June 2026.
The Regional Workshop on the Establishment of the ECOWAS Exchange Rate Mechanism (EcERM), held as a follow-up to the November 2025 Abuja meeting, marked a significant milestone in advancing the ECOWAS Single Currency Programme. The workshop brought together senior officials, central bank experts, and representatives of regional institutions to finalize the technical framework for the EcERM and the proposed ECOWAS Monetary Cooperation Fund (EcMCF), while addressing outstanding technical concerns raised by the Committee of Experts in the previous meeting.
The Committee also extensively deliberated on, among other things, Exchange Rate Volatility developments in ECOWAS, Exchange Rate Misalignment in ECOWAS, Framework of the ECOWAS Exchange Rate Mechanism, Concept of a Unit of Account within ECOWAS, Construction of the West African Currency Unit (WACU) basket, Structure of the Exchange Rate Mechanism, Management and Institutional Framework of the EcERM, Proposal on the EcMCF, as well as the Evaluation of Action Plan.
The outcomes of the workshop reaffirmed Member States’ commitment to the ECOWAS monetary integration agenda and provided practical recommendations for the operationalization of the Exchange Rate Mechanism as a critical milestone toward the eventual adoption of the ECOWAS single currency.
