Ghana is playing host to the mid-year statutory meetings of the West African Monetary Zone, from September 5 to September 15, 2023. The West African Monetary Zone is composed of six-member states - The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone. The meetings are been held under the auspices of the government of Ghana through the Ministry of Finance in partnership with the West African Monetary Agency (WAMA), West Africa Institute for Financial and Economic Management (WAIFEM), and the West Africa Monetary Institute (WAMI). It would have a comprehensive review of macroeconomic developments and convergence reports for member states. The assessment is aimed at evaluating the progress made towards meeting the primary and secondary criteria required for macroeconomic convergence within the zone. There would be a discussion on ways of improving West African Monetary Institutions commitment to foster economic cooperation and integration within the region. Activities for the two-weeks event include the seventh meeting of the Audit Committee of WAMA, 48th Technical Committee Meeting of WAIFEM, and 43rd Joint Ordinary Meeting of the Economic and Monetary Affairs Committee and the Operations and Administrative Committee of WAMA. There would also be the 46th Meeting of the College of Supervisors of the WAMZ (CSWAMZ), 8th Meeting of College of Supervisors of Non-Bank Financial Institutions (CSNBFI) of WAMZ, and 53rd Meeting of the Technical Committee of WAMZ. The 47th Meeting of the Committee of Governors of Central Banks of WAMZ, 45th Meeting of the Board of Governors, WAIFEM, and 62nd Ordinary Meeting of the Committee of Governors of Central Banks of ECOWAS Member States, WAMA, and the 50th Meeting of the Convergence Council of Ministers and Governors of Central Banks of the WAMZ would also be held. The West African Monetary Zone organisational structure includes the Authority of Heads of States and Government of WAMZ, Convergence Council, Committee of Governors, and the Technical Committee. It is tasked with monitoring, coordinating, and implementing the ECOWAS Monetary Cooperation Programme (EMCP), which aims to establish a single currency for ECOWAS member states. Its membership comprises 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. Meanwhile, the West African Institute for Financial and Economic Management (WAIFEM) is a sub-regional capacity-building organisation. Its primary goal is to strengthen capacity in areas such as macroeconomic management, debt management, and financial and economic analysis. WAIFEM also collaborates with various organisations and institutions to provide training and capacity development activities in West Africa.
Source: Ghana News Agency