African Partners Directory

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Thematics

West African Monetary Agency (WAMA)

est. 1996

OVERVIEW

WAMA is an autonomous and specialized agency of the Economic Community of West African States (ECOWAS), founded in 1996 as a result of the transformation of the West African Clearing House (WACH). In addition to its functions of routing and clearing trade transactions and services, the Agency is responsible for monitoring, coordinating and implementing the ECOWAS Monetary Cooperation Programme (EMCP), leading to the creation of the ECOWAS single currency. WAMA’s membership comprises representatives of the 8 Central Banks of the ECOWAS region.

OBJECTIVES AND ACTIVITIES

WAMA aims to:

  • Promote the use of national currencies in trade and non trade transactions within the sub-region
  • Bring about savings in the use of member states’ foreign reserves
  • Encourage and promote trade and exchange liberalization among member States
  • Enhance monetary cooperation and consultation among member States
  • Facilitate the harmonization of and coordination of monetary and fiscal policies and structural adjustment programmemes
  • Ensure the monitoring, coordination and implementation of the ECOWAS Monetary Cooperation Programmeme
  • Initiate and promote policies and programmemes relating to monetary integration in the sub-region
  • Ensure the establishment of a single monetary zone in West Africa, paving the way for the implementation of a single monetary policy and the establishment of a single currency

WAMA is committed to the following activities:

  • Defining policies and programmemes to promote monetary and fiscal harmonisation and cooperation
  • Serving as a channel for the clearing and settlement of transactions among member Central Banks
  • Managing the ECOWAS Credit Guarantee Fund Scheme Undertaking studies on issues relating to monetary and fiscal cooperation and all other international economic issues affecting member States
  • Collecting, storing and disseminating statistical information for member Central Banks