Ghana: 2023 West African Monetary Zone mid-year statutory meetings kickstart
The Government of Ghana, in partnership with the Ministry of Finance and the Bank of Ghana, is set to host the 2023 Mid-Year Statutory meetings of the West African Monetary Zone (WAMZ) from September 5 to 15, 2023, in the vibrant city of Accra.
This significant event is organized in collaboration with esteemed regional institutions, namely the West African Monetary Agency (WAMA), the West Africa Institute for Financial and Economic Management (WAIFEM), and the West Africa Monetary Institute (WAMI).
A Crucial Assessment of Macroeconomic Developments
The heart of these meetings lies in the comprehensive review of Macroeconomic Developments and Convergence reports for member states within the West African Monetary Zone. This assessment serves a fundamental purpose – to gauge the progress made by member states in meeting the primary and secondary criteria essential for achieving macroeconomic convergence within the zone.
The West African Monetary Institutions are steadfast in their commitment to fostering economic cooperation and integration within the region. These gatherings stand as a pivotal instrument in advancing this mission, facilitating a critical evaluation of the economic landscape within the WAMZ.
The West African Monetary Zone (WAMZ): A Collective Endeavor
The WAMZ is an esteemed assembly comprising six member states: The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone. Its organizational structure is well-defined, encompassing the Authority of Heads of States and Government of the WAMZ, the Convergence Council, the Committee of Governors, and the Technical Committee. These statutory meetings find their homes in the Member States of the West African Monetary Agency (WAMA) and the WAMZ on a rotational basis.
The Role of West African Monetary Institutions
At the core of these deliberations are the West African Monetary Institutions, which play an integral role in the region’s monetary landscape.
- West African Monetary Agency (WAMA): As an autonomous and specialized agency of the Economic Community of West African States (ECOWAS), WAMA is entrusted with a crucial mandate. It monitors, coordinates, and implements the ECOWAS Monetary Cooperation Programme (EMCP), which aspires to establish a single currency for ECOWAS member states. WAMA’s membership encompasses 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 the Republic of Guinea, the Central Bank of Liberia, the Central Bank of Nigeria, and the Bank of Sierra Leone.
- West Africa Institute for Financial and Economic Management (WAIFEM): WAIFEM emerges as a vital sub-regional capacity-building organization. Its overarching goal is to fortify capacity in essential domains such as macroeconomic management, debt management, and financial and economic analysis. Through fruitful collaborations with various organizations and institutions, WAIFEM extends its reach to provide training and capacity development activities across West Africa.
A Confluence of Expertise and Vision
As Ghana hosts these critical meetings, the convergence of expertise and vision from member states and regional institutions promises to foster a deeper understanding of the economic challenges and opportunities that lie ahead for the West African Monetary Zone.
The pursuit of macroeconomic convergence remains a shared aspiration, and the 2023 Mid-Year Statutory meetings signify a crucial chapter in this ongoing journey toward regional economic integration and stability.
