West African Monetary Zone (WAMZ)

Zone monétaire de l'Afrique de l'ouest (ZMAO)

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Contact Details

URL: http://www.wami-imao.org/

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Founded

2000-12-20 Bamako Mali

History

20 Dec 2000, Bamako (Mali), following adoption of Accra (Ghana) Declaration, Apr 2000. Grew out of a proposal Jul 1987, Abuja (Nigeria), at 10th Summit Meeting of F-XD3462 - Economic Community of West African States (ECOWAS), and again in May 1990, Banjul (Gambia), at 13th Summit Meeting. Decision at the 22nd Summit of ECOWAS Heads of State and Government, Lomé (Togo), 9 Dec 1999, facilitated integration process through a fast track approach. Following convergence process, merger would be negotiated between the first monetary zone F-XF3713 - Union économique et monétaire Ouest africaine (UEMOA) and WAMZ to create ECOWAS single monetary zone. F-XF5070 - West African Monetary Agency (WAMA), proposed 1992, by ECOWAS as a transformation of H-XF4799 - West African Clearing House (WACH), would be pivotal to such a merger negotiation as the umbrella agency implementing ECOWAS Monetary Cooperation Programme (EMCP). May 2005, Convergence Council of Ministers and Central Bank Governors agreed to extend commencement of WAMZ monetary union to Dec 2009 and then to or before Jan 2015. In response to exogenous reasons, convergence council further extended commencement to 2020.

Aims

Promote monetary cooperation and integration through the establishment of a common central bank that will issue a common currency.

Activities

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Structure

Institutions: Authority of Heads of State and Government - supreme body; Convergence Council of Ministers of Finance, Foreign Affairs, Trade and Regional Integration and Governors of Central Banks - supervisory body (meets 2 times a year); Technical Committee - expert advisory body (meets 2 times a year, prior to meetings of the Convergence Council); transitional preparatory institution E-XE4257 - West African Monetary Institute (WAMI), which commenced operations in Mar 2001, in preparation for the establishment of F-XJ0413 - West African Central Bank (WACB) in 2005; Stabilization and Cooperation Fund - solidarity fund to provide balance of payments support to members in temporary economic difficulty.

Languages

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Relations with Inter-Governmental Organizations

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Relations with Non-Governmental Organizations

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Publications

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Members

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Type I Classification

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Type II Classification

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Subjects *

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UN Sustainable Development Goals **

GOAL 8: Decent Work and Economic Growth

UIA Org ID

XF6262

Last News

2008

* Subject classification is derived from the organization names and aims.
** UN SDGs are linked to the subject classification.

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