Representatives of member countries of the West African Monetary Zone (WAMZ) are meeting in Accra, to review macro-economic developments in the region.
It is in a bid to establish a single currency for member countries of the Economic Community of West African States (ECOWAS).
The meeting being convened by the government of Ghana, under the auspices of the Ministry of Finance and the Bank of Ghana, in collaboration with the West African Monetary Agency (WAMA), the West Africa Institute for Financial and Economic Management (WAIFEM), and the West Africa Monetary Institute (WAMI), which began on September 5, ends on September 15, 2023.
The participants are expected to come out with strategies to build a strong, robust and resilient economies for member countries of ECOWAS.
Dubbed the 2023 Mid-Year Statutory meetings of the WAMZ, the meeting is being attended by representatives from The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone.
A statement issued by the Ministry of Finance on the conference on Monday and copied the Ghanaian Times, said the meeting would assess macroeconomic developments and convergence reports for member states.
“This assessment aims to evaluate progress made toward meeting the primary and secondary criteria required for macroeconomic convergence within the zone,” the statement said.
The Ministry of Finance indicated that the West African Monetary Institutions were committed to fostering economic cooperation and integration within the region, and the meeting played a pivotal role in advancing that mission.
The statement said the activities outlined for the event, included the seventh Meeting of the Audit Committee of WAMA, the 48th Technical Committee Meeting of WAIFEM, the 43rd Joint Ordinary Meeting of the Economic and Monetary Affairs Committee and the Operations and Administrative Committee, WAMA, and the 46th Meeting of the College of Supervisors of the WAMZ (CSWAMZ).
The others mentioned were the 8th Meeting of College of Supervisors of Non-Bank Financial Institutions (CSNBFI) of the WAMZ, 53rd Meeting of the Technical Committee of WAMZ, 47th Meeting of the Committee of Governors of Central Banks of WAMZ (14th September 2023), 45th Meeting of the Board of Governors, WAIFEM, 62nd Ordinary Meeting of the Committee of Governors of Central Banks of ECOWAS Member States, WAMA and the 50th Meeting of the Convergence Council of Ministers and Governors of Central Banks of the WAMZ.
The statement said the organisational structure of the WAMZ included the Authority of Heads of States and Government of the WAMZ, the Convergence Council, the Committee of Governors, and the Technical Committee. These meetings are hosted by Member States of the WAMA and WAMZ on a rotational basis.
It said the WAMA is an autonomous and specialised agency of ECOWAS and is tasked with monitoring, coordinating, and implementing the ECOWAS Monetary Cooperation Programme (EMCP), aimed at establishing a single currency for ECOWAS member states.
WAMA’s membership comprises eight central banks of ECOWAS member states, including the BCEAO, the Bank of Cape Verde, the Central Bank of The Gambia, the Bank of Ghana, the Central Bank of Guinea, the Central Bank of Liberia, the Central Bank of Nigeria, and the Bank of Sierra Leone.
BY KINGSLEY ASARE
