Guinea has formally announced that it will not adopt the eco, the proposed single currency for the Economic Community of West African States (ECOWAS).
The 12-member West African regional body plans to launch the monetary union and introduce the eco currency in July 2027. Just last month, ECOWAS indicated it was leaning toward a phased introduction, allowing member countries that satisfy specific convergence criteria, such as stable inflation rates, manageable debt levels, and overall monetary stability, to join the rollout first.
However, Guinea has become the first ECOWAS member to declare that it will retain its national tender, the Guinean franc.
Market analysts suggest that the decision likely stems from concerns that integrating into a unified monetary system without establishing adequate domestic production capabilities could hamper the nation’s economic growth. Furthermore, Guinea’s primary commercial partners operate outside the West African region, with Asia receiving roughly 80 percent of its total exports.
By tying its currency to neighbouring states, Conakry risks losing certain levers of influence, economist Mohamed Camara told RFI.
ECOWAS leaders are scheduled to convene again in December to address outstanding implementation details, specifically focusing on governance rules, the setup of a future central bank, and deciding which nations will be part of the first wave to adopt the eco.
