Ngafuan Urges Decisive Action Toward Eco as Regional Meetings Conclude in Liberia

Harbel City, Margibi County — The Minister of Finance and Development Planning, Hon. Augustine Kpehe Ngafuan, has called for decisive and coordinated action among Member States of the Economic Community of West African States (ECOWAS) to meet the July 2027 target for the launch of the Eco single currency.

 

“The Eco, the single currency our region has pursued with determination, has faced multiple postponements. But with July 2027 now set as the new horizon, we no longer have the luxury of drifting,” the Minister stated.

 

He emphasized that the moment demands decisive action, rigorous implementation, and unwavering commitment from every Member State.

 

Minister Ngafuan 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.

He noted broader regional improvements as well, with four Member States projected to satisfy 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 this progress, Minister 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.

 

Minister Ngafuan underscored that the journey toward the Eco is about more than meeting technical targets. He described the single currency as a bridge that connects markets, reduces transaction costs, and brings communities closer.

 

He called for accelerated reforms, policy harmonization, and strengthened cooperation across Member States, while carefully navigating political economic challenges to keep the regional integration agenda on course.

 

“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.”

For his part, Minister of Justice and Acting Chairman of the Cabinet, Cllr. N. Oswald Tweh, 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 stressed that the region stands at a decisive moment requiring practical commitments and disciplined implementation.

He underscored that macroeconomic stability must translate into real improvements in the lives of citizens.

 

He emphasized that low inflation, prudent fiscal management, and sound financial systems are means to a larger goal — generating jobs, empowering entrepreneurs, expanding access to education and healthcare, and ensuring that growth is equitably shared.

 

The 55th Convergence Council Meeting brings together Finance Ministers, Central Bank Governors, and regional institutions to assess macroeconomic performance and progress toward monetary integration under ECOWAS. It formed part of the Joint ECOWAS/WAMA, WAMI, and WAIFEM Statutory Meetings held in Liberia from February 4–13.