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ECOWAS Moves Closer to Single Currency 

The West African Monetary Agency (WAMA), in partnership with the Central Bank of West African States (BCEAO), concluded a pivotal four-day workshop in Lomé on January 17, 2025.

The gathering, held from January 13 to 17, focused on harmonizing monetary and financial statistics across the Economic Community of West African States (ECOWAS) in preparation for the launch of the ECO, the region’s single currency.

Representatives from all ECOWAS member central banks, except the Bank of Cabo Verde, participated in the workshop. Discussions centered on implementing action plans and frameworks approved by the Committee of Governors, using methodologies outlined in the 2016 Monetary and Financial Statistics Manual Compilation Guide (MFSMCG). The aim is to create consistent and reliable data systems for economic governance in the region.

The workshop brought together prominent regional institutions, including the ECOWAS Commission, the WAEMU Commission, the West African Monetary Institute (WAMI), and the West African Institute for Financial and Economic Management (WAIFEM). The collaboration underscored the collective commitment to advancing ECOWAS’s monetary integration agenda.

Mr. Komlan AHADJI, Director of BCEAO’s Agence Principale de Lomé, welcomed participants and emphasized the importance of harmonizing statistical methodologies, aligning them with global standards such as the MFSMCG 2016 and the IMF’s 6th Edition of the Balance of Payments and International Investment Position Manual. He reaffirmed BCEAO’s dedication to the harmonization process and called for continued collaboration among member states.

Boima S. Kamara, WAMA’s newly appointed Director General, and Liberia’s former Finance Minister thanked BCEAO for hosting the event. Kamara highlighted the critical role of harmonized financial data in fostering effective policymaking and financial stability across the region. He urged participants to leverage their expertise to accelerate the development of statistical frameworks supporting the region’s economic growth.

G. Watson Richards
G. Watson Richards
G. Watson Richards is an investigative journalist with long years of experience in judicial reporting. He is a trained fact-checker who is poised to obtain a Bachelor’s degree from the United Methodist University (UMU)

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