The currency named Eco, was initially scheduled for launch in 2020, but shifted due to the coronavirus pandemic.
The bloc said it had adopted a selection criteria of member states that will initially adopt the currency and those that may join later.
It said that the ECOWAS commission and the West African Monetary Agency (WAMA) should integrate the criteria into the protocol for establishing the ECOWAS Monetary Union Agreement.
The ECOWAS leaders also approved the cost, funding sources, and modalities for the Eco’s launch.
The meeting urged member states and central banks to take immediate action to fulfil their financial commitments to operationalise the appropriate institutions before a definite date for the ECOWAS single currency’s launch.
The Heads of State called on the High-Level Committee and the ECOWAS Commission to accelerate efforts to meet the deadlines for creating and operationalising the institutions essential for the Eco’s launch.
The summit acknowledged the progress made in executing the ECOWAS Agricultural Policy as part of efforts to enhance food security and nutrition in the region.
The ECOWAS leaders directed the commission to implement regional strategies on livestock development, the Regional Rice Self-sufficiency Initiative, and the Comprehensive African Agriculture Development Programme Action Plan 2026-2035.
