Taking the reins during the council’s 13th ordinary meeting in Farmington, Ngafuan is now tasked with steering member states toward the long-anticipated launch of the “ECO”—a single West African currency currently slated for July 2027. The Council serves as the primary watchdog for economic policy across ECOWAS states, monitoring the strict macroeconomic conditions required for a stable monetary union. These challenges are compounded by unresolved institutional hurdles, such as burden-sharing arrangements and the eventual headquarters of the regional central bank. Furthermore, net international reserves climbed to over $282 million by the end of 2025, surpassing IMF program targets by nearly $16 million. According to Abdul Salam Abideyemi, Director General of the West Africa Monetary Institute, the composite convergence score for the West African Monetary Zone rose to 58.3% from the previous year’s 50%.

Source: GNN Liberia February 16, 2026 11:14 UTC