By: Fatou Krubally
The Minister of Finance and Economic Affairs has admitted that The Gambia continues to fall short of key macroeconomic conditions required for joining the long-awaited ECOWAS single currency, the ECO, despite renewed regional pressure for a 2027 launch.
Appearing before lawmakers on Wednesday, the Minister acknowledged that the country has “never met all four convergence criteria at once,” noting that The Gambia only meets “one or two” indicators in some years, while failing others due to fluctuating economic conditions.
“These indicators are moving targets,” he told the Assembly. “In some years we meet two out of four, in other years three. But we have never met all four at the same time.”
He explained that inflation levels, fiscal deficit, debt sustainability, and foreign reserve thresholds remain inconsistent, making it difficult for the country to align with ECOWAS requirements. The Minister stressed that The Gambia’s economic scale limits its influence on the regional process.
“In the context of ECOWAS, The Gambia is very small,” he said. “Sixty percent of ECOWAS is literally Nigeria. Unless Nigeria makes substantial progress, our own fulfillment of conditions is of no impact.”
Despite ECOWAS’ announcement of a planned rollout in 2027, the Minister said regional institutions have not begun sensitization campaigns due to uncertainties surrounding the launch date. According to him, public awareness efforts will come only after clearer guidance from the West African Monetary Agency (WAMA) and the ECOWAS Commission.
During Wednesday’s sitting, lawmakers pressed the Minister on whether The Gambia had fulfilled its part of the obligation. The exchange grew tense after a member raised a point of order, accusing the Minister of straying from the question.
The Minister clarified: “We have never fulfilled all the requirements. That is the simple answer.”
He also warned that convergence efforts are being re-evaluated across the region, indicating that political decisions may eventually determine whether the 2027 target holds.
As the debate closed, lawmakers expressed frustration, arguing that citizens deserve transparency about the country’s preparedness for a regional currency that could transform cross-border trade and financial flows.
For now, the Minister maintains that The Gambia remains committed to the ECO but is operating in a system where broader regional readiness particularly Nigeria’s will determine the next steps.
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By: Fatou Krubally The Minister of Finance and Economic Affairs has admitted that The Gambia continues to fall short…
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