–Finance Minister to Lead Key Discussions on Macroeconomic Convergence and the Roadmap Toward West Africa’s ECO Single Currency
MONROVIA, Liberia — Liberia will take a prominent role in West Africa’s monetary-integration process Monday as Finance and Development Planning Minister Augustine Kpehe Ngafuan chairs a virtual meeting of the Convergence Council of the West African Monetary Zone (WAMZ), with macroeconomic convergence and preparations for the proposed ECO single currency expected to feature prominently.
The meeting is scheduled to begin at 10 a.m. Monday, September 7, 2026, according to the Ministry of Finance and Development Planning.
Ngafuan has served as chairman of the WAMZ Convergence Council since his election to a one-year term at the Council’s annual meeting held at the Farmington Hotel in Margibi County in February 2026.
His chairmanship places Liberia at the center of technical and policy discussions involving some of the region’s most important economic institutions as ECOWAS continues efforts toward monetary integration.
ECO Project Gains Renewed Momentum
The Convergence Council’s core responsibility is to monitor macroeconomic convergence among participating countries and help guide the roadmap toward the ECO, the proposed single currency for ECOWAS.
The ECO project received renewed political backing at the 69th ECOWAS Summit in Sierra Leone in July, when regional leaders reaffirmed their ambition to launch the currency in 2027 while supporting a phased approach that would initially involve countries meeting the required convergence criteria.
That development gives the work of monetary institutions renewed urgency, particularly as countries seek to strengthen their fiscal and monetary positions ahead of the proposed launch.
The ECOWAS Commission has previously identified macroeconomic convergence as a critical component of the single-currency programme. At a 2025 Convergence Council meeting, regional finance ministers and central bank governors reviewed progress on the ECO roadmap alongside macroeconomic developments and convergence indicators.
Liberia Already Hosting Key Monetary Work
Liberia has also recently hosted technical work connected to the regional currency project.
In June 2026, the West African Monetary Agency (WAMA) held a regional workshop in Monrovia on establishing an ECOWAS Exchange Rate Mechanism.
The workshop examined exchange-rate volatility and misalignment, the proposed exchange-rate mechanism, the West African Currency Unit basket and a proposed ECOWAS Monetary Cooperation Fund, among other technical issues.
WAMA said the meeting represented a significant step toward operationalizing the exchange-rate mechanism, which it described as a critical milestone toward eventual adoption of the ECOWAS single currency.
The Monrovia workshop adds significance to Liberia’s current leadership role in the WAMZ Convergence Council, particularly as the region moves from broad political commitments toward more detailed technical preparations.
New ECOWAS Leadership to Address Meeting
Monday’s meeting also comes shortly after a leadership change at the ECOWAS Commission.
General Birame Diop of Senegal officially assumed office as President of the ECOWAS Commission on August 31, succeeding Dr. Omar Alieu Touray of The Gambia. The ECOWAS Commission said Diop called for renewed unity, solidarity and mutual respect as the foundation for advancing regional integration.
Diop is expected to deliver remarks during the opening session of Monday’s WAMZ Convergence Council meeting.
His participation places the meeting within the early days of a new ECOWAS Commission leadership and comes as the regional bloc seeks to advance economic integration while navigating significant political, economic and security pressures.
Major Regional Institutions Expected
The Ministry of Finance said representatives of several regional institutions will participate as observers and advisers.
They include the ECOWAS Commission, the UEMOA Commission, the West African Monetary Agency (WAMA), the West African Monetary Institute (WAMI), and the ECOWAS Bank for Investment and Development (EBID).
Their participation reflects the broad institutional coordination required to advance monetary integration across West Africa.
WAMI has historically played a technical role in preparations for monetary integration within the region, including monitoring macroeconomic convergence and supporting the development of the institutional framework for a common currency. ECOWAS has also used the Convergence Council to bring together finance ministers and central bank governors to review progress toward the monetary programme.
What the Process Means for Liberia
For Liberia, the regional assignment comes as the government continues to emphasize domestic revenue mobilization, fiscal management and stronger participation in regional economic initiatives.
Ngafuan’s position gives Liberia an opportunity to participate directly in discussions over the economic conditions required for deeper monetary integration.
But the ECO project remains dependent on countries meeting agreed convergence requirements, meaning that monetary integration ultimately requires sustained progress on inflation, fiscal and monetary stability and other macroeconomic fundamentals.
The 2026 ECOWAS decision to pursue a phased launch underscores that reality: countries that meet the criteria could participate in the initial phase, while others would have additional time and support to reach the required benchmarks.
For the region, Monday’s meeting is therefore part of a much larger process that has been under development for years.
For Liberia, it represents another opportunity to exercise regional economic leadership while contributing to the technical work behind West Africa’s long-running ambition of creating a common currency.
As Ngafuan chairs the Convergence Council for the remainder of his one-year mandate, Liberia will be positioned to help facilitate discussions at a critical stage of the ECO project—one in which the region’s political commitment must increasingly be matched by measurable macroeconomic convergence and technical readiness.
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