West African Clearing House (WACH)
Chambre de compensation de l'Afrique de l'Ouest (CCAO)
1975-06-25 Lagos Nigeria
25 Jun 1975, Lagos (Nigeria), by West African Sub-regional Committee of D-XD4491 - Association of African Central Banks (AACB), following signature and ratification of Articles of Agreement, 14 Mar 1975, Lagos, by Governors of 7 Central Banks representing 12 countries of the sub-region: Benin, Côte d'Ivoire, Gambia, Ghana, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, Togo and Upper Volta (now Burkina Faso). Subsequently also covered Cape Verde, Guinea, Guinea-Bissau and Mauritania. Commenced channelling transactions, Jul 1976. Ceased to exist, 1996, when transformed into F-XF5070 - West African Monetary Agency (WAMA), following proposals, 1992, of F-XD3462 - Economic Community of West African States (ECOWAS).
Promote the use of members' currencies for sub-regional trade and other transactions; bring about savings in the use of members' foreign reserves; encourage members to liberalize trade among their respective countries and promote monetary cooperation and consultation among them.
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Exchange and Clearing Committee (supreme governing body, meeting once a year), consists of governors of member banks. Sub-Committee (meeting twice a year), comprises representatives of each Central Bank.
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UN Sustainable Development Goals **
UIA Org ID
** UN SDGs are linked to the subject classification.
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