Union monétaire Ouest africaine (UMOA)
West African Monetary Union (WAMU)
12 May 1962, on signature of a Treaty by the Governments of Côte d'Ivoire, Dahomey (currently Benin), Mali, Mauritania, Niger, Senegal, Upper Volta (currently Burkina Faso). Subsequently ratified by all except Mali. The Government of Togo adhered 27 Nov 1963. A new Agreement, replacing the earlier Treaty, signed by Governments of Benin, Burkina Faso, Côte d'Ivoire, Niger, Senegal and Togo on 14 Nov 1973. Cooperation Agreement with French Government signed 4 Dec 1973, Dakar (Senegal). Mali readmitted as member, 31 Oct 1983, Niamey (Niger). Activities first complemented by and subsequently replaced by F-XF3713 - Union économique et monétaire Ouest africaine (UEMOA), set up 1 Aug 1994.
Enforce rules governing the issue of a common currency entrusted to Central Bank of West African States; assist in the effective use of monetary resources of member countries.
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Organs (4): I. Conference of Heads of State (supreme authority). II. Council of Ministers (meeting twice a year) acts as steering committee; it comprises two ministers per member country, but only the Minister of Finance has the right to vote. The Council of Ministers is a common organ of UEMOA and UMOA; it draws up monetary and credit policy of the Union and approves agreements and conventions, in particular relating to clearance and payments between the institution issuing common currency and similar institutions outside the Union. III. Commission bancaire. IV. Conseil régional de l'épargne et des marchés financiers (Regional Council for Savings and Financial Markets). Specialized autonomous institutions: F-XF4541 - Banque centrale des Etats de l'Afrique de l'Ouest (BCEAO) - set up 1 Nov 1962, and an institution of UMOA since its establishment; F-XF4540 - Banque ouest africaine de développement (BOAD) - set up 14 Nov 1973, an institution of UMOA following signature of the treaty setting up UEMOA, 10 Jan 1994.
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