Ecowas MapThe Economic Community of West African States (ECOWAS) and the International Monetary Fund (IMF) have signed a Memorandum of Understanding (MoU) to enhance macroeconomic governance and deepen regional integration across West Africa, with the agreement formalised on March 27, 2026 at the ECOWAS Commission headquarters in Abuja, Nigeria.
ECOWAS Commission President Omar Alieu Touray signed on behalf of the regional bloc, while Wautabouna Ouattara, Executive Director of the IMF for West Africa, represented the Fund. The MoU establishes a structured framework to strengthen cooperation across macroeconomic governance, policy coordination, and regional economic integration.
Ouattara described the agreement as going beyond symbolic significance, saying it introduces a practical and flexible cooperation framework built around joint analytical work, knowledge sharing, and enhanced policy coordination. He added that it would strengthen policy coherence, support evidence-based decision-making, and amplify West Africa’s collective voice in global economic governance.
Touray stressed the deal’s importance in pushing forward the long-delayed ECOWAS Monetary Union agenda, an ambition that has faced repeated setbacks, while also reinforcing regional surveillance mechanisms.
The partnership is expected to deliver stronger economic governance frameworks, improved resilience to external shocks, and more inclusive and sustainable growth across ECOWAS member states.
The signing comes as several ECOWAS member states face mounting fiscal pressures, rising debt levels, and currency pressures, raising questions about how effectively the new framework will translate into tangible economic outcomes on the ground.