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ECOWAS Leaders Reaffirm 2027 Launch for ‘ECO’ Single Currency at Freetown Summit


West African leaders have reaffirmed their commitment to launching the long-awaited single currency, the ECO, in 2027 as a key instrument for deepening regional economic integration.

The decision was contained in the final communiqué of the 69th Ordinary Session of the ECOWAS Authority of Heads of State and Government, held on July 19 in Freetown.

The Authority resolved that the launch of the ECO shall commence with those countries that meet the established macroeconomic convergence criteria and are ready to participate. Countries not yet ready will receive appropriate support to facilitate their subsequent accession to the single currency.



To qualify for the monetary union, member states must meet benchmarks including maintaining a budget deficit of no more than 3 percent of GDP, keeping annual inflation below 10 percent, and holding gross external reserves equivalent to at least three months of import cover.

The first phase of implementation is expected to involve Sierra Leone, Liberia, Nigeria, Ghana, Guinea, and The Gambia, subject to compliance with the agreed criteria and finalization of institutional governance structures.

The Authority further directed the ECOWAS Commission to intensify consultations with Central Bank Governors to formulate consensual proposals on outstanding issues essential for the currency’s introduction. It also welcomed the registration of the name “ECO” with the African Intellectual Property Organisation (OAPI) and directed its registration with other relevant international bodies.

Additionally, the Authority approved a request from the Republic of Guinea to join the Presidential Task Force on the ECOWAS Single Currency Programme. The Commission is instructed to convene a meeting of this expanded Task Force prior to the next Ordinary Summit in December 2026, working in collaboration with the President of Côte d’Ivoire, who currently serves on the task force.

The push for the ECO, a decades-old ambition that has faced multiple delays, mirrors aspects of the European Union model and aims to reduce exchange rate risks, cut transaction costs for businesses, and stimulate trade across West Africa .



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Africell Drives Digital Inclusion at 2025 Sierra Leone Innovates Summit


Africell Sierra Leone has once again positioned itself at the forefront of the nation’s digital revolution, playing a leading role in the 2025 Sierra Leone Innovates Digital Government Summit held in Freetown.

Organized by the Ministry of Communication, Technology, and Innovation (MoCTI), the high-level summit brought together government officials, private sector stakeholders, youth innovators, and international partners to explore pathways for a smarter, more inclusive digital future.

Africell, one of the summit’s main sponsors, was not just a financial partner but an active contributor to its vision and success. The company’s Chief Operating Officer, Malek El Koussa, praised the event’s organization and the government’s commitment to pushing the digital agenda.



“This year’s summit has truly raised the bar,” El Koussa stated. “We are proud to be a part of this moment where the President’s directives have clearly defined the digital vision of Sierra Leone. It’s now our shared responsibility both public institutions and private enterprises to align with that vision and deliver innovation that touches real lives.”

At its vibrant exhibition booth, Africell showcased a suite of advanced technologies, many of which are aimed at bridging the digital divide across Sierra Leone. Among the highlights was the introduction of AI EVA, a voice-powered artificial intelligence service capable of responding to verbal queries in local languages ideal for users without smartphones or internet access. Tailored for farmers, traders, students, and underserved populations, AI EVA supports digital inclusion in rural and low-literacy communities.

Africell also exhibit its AfriGBT, a localized version of the popular ChatGPT model, adapted to work offline and on basic devices. Both tools are designed to democratize access to knowledge and education through artificial intelligence.

“We believe that the future belongs to the youth and to the dreamers,” El Koussa added. “Platforms like this summit give them the opportunity to see how technology can truly shape their destiny.”

Beyond AI, Africell spotlighted its technological infrastructure, including 5G routers, Samsung smart devices, and its increasingly popular Star Fiber home internet bundles. The company is also the authorized distributor for Samsung in Sierra Leone, making high-quality devices more accessible to Sierra Leoneans.

In the financial sector, Africell demonstrated the capabilities of its Afrimoney platform, now offering seamless international remittance services. With digital finance becoming an integral part of daily life, Africell is expanding services to remote and unbanked communities, strengthening its position as a leader in financial technology.

In a strong message to Sierra Leone’s youth and broader public, El Koussa emphasized the urgency of adapting to technological change.

“Change is inevitable. We once moved from analog phones to smartphones now we are moving from manual to digital systems,” he said. “If you resist technology, it will leave you behind. If you embrace it, it will uplift you.”

The summit highlighted the vital role that private sector companies like Africell play in achieving the government’s national digital transformation goals. With President Julius Maada Bio’s administration pushing for innovation-driven governance, Africell’s contributions reaffirm its position as not just a telecom provider but a true partner in progress.



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Sierra Leone SME Finance And Investment Summit to Address SME-Finance Challenges


The African SME Finance and Investment Network (ASFIN) will bring together key stakeholders across the country for a one-day Sierra Leone SME Finance and Investment on 31st August, 2023, at the Radisson Blu Hotel, to address some of the major challenges SMEs face in accessing finance.

According to Peter SaSellu, President and CEO of ASFIN, “In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs.” He says that access to finance is a key constraint to SME growth. It is the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries, especially in Africa.

Small and Medium Enterprises (SMEs) are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises. The International Finance Corporation (IFC) estimates that 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an unmet financing need of $5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending. About half of formal SMEs don’t have access to formal credit. The financing gap is even larger when micro and informal enterprises are taken into account.



Ashma Jalloh, the Coordinator of the Summit says the Sierra Leone SME Finance and Investment is timely. She says, “The Objective of the Summit is to focus discussions on adequate funding, access to finance and financial inclusion. This will take care of some of the problems such as provision of modern technology and low managerial skills.”

She says “the SME Finance and Investment Summit will examine the financing of SMEs in Sierra Leone and the various financing options available to SMEs. This will involve looking at debt financing by considering the role commercial, microfinance banks and other financial institutions and investors play in the financing of SMEs in the country. It will also consider the role of equity financing through venture capital and business angels financing. Efforts will aim at adequate funding of SMEs in Sierra Leone.”

According to Rebecca Paulson, Executive Director of ASPIN, “SMEs play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. According to World Bank’s estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.”



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