Ghana to host 2023 West African Monetary Zone mid-year statutory meetings
The Government of Ghana under the auspices of 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 5th to 15th September 2023.
The event, held in coordination with the West African Monetary Agency (WAMA), the West Africa Institute for Financial and Economic Management (WAIFEM), and the West Africa Monetary Institute (WAMI), signifies a significant step in regional economic cooperation.
The primary focus of these meetings will be an extensive review of Macroeconomic Developments and Convergence reports for member states within the West African Monetary Zone.
This assessment aims to evaluate the progress made in meeting the primary and secondary criteria required for macroeconomic convergence within the zone.
The West African Monetary Zone (WAMZ) comprises six member states, including The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone.
The organizational structure of WAMZ includes the Authority of Heads of States and Government of the WAMZ, the Convergence Council, the Committee of Governors, and the Technical Committee.
These meetings are hosted by Member States of the WAMA and WAMZ on a rotational basis.
WAMA, an autonomous agency of ECOWAS, is tasked with monitoring, coordinating, and implementing the ECOWAS Monetary Cooperation Programme (EMCP), aimed at establishing a single currency for ECOWAS member states. WAMA’s membership consists of eight central banks of ECOWAS member states, including the Bank of Ghana.
In addition, the West African Institute for Financial and Economic Management (WAIFEM) plays a crucial role in capacity building within the region, focusing on areas such as macroeconomic management, debt management, and financial and economic analysis.
The meetings are scheduled as follows:
1. 7th Meeting of the Audit Committee of WAMA (5th September 2023)
2. 48th Technical Committee Meeting of WAIFEM (6th September 2023)
3. 43rd Joint Ordinary Meeting of the Economic and Monetary Affairs Committee and the Operations and Administrative Committee, WAMA (7th-9th September 2023)
46th Meeting of the College of Supervisors of the WAMZ (CSWAMZ) (7th-11th September 2023)
4. 8th Meeting of the College of Supervisors of Non-Bank Financial Institutions (CSNBFI) of the WAMZ (7th-11th September 2023)
53rd Meeting of the Technical Committee of WAMZ (11th – 12th September 2023)
5. 47th Meeting of the Committee of Governors of Central Banks of WAMZ (14th September 2023)
45th Meeting of the Board of Governors, WAIFEM (14th September 2023)
6. 62nd Ordinary Meeting of the Committee of Governors of Central Banks of ECOWAS Member States, WAMA (14th September 2023)
50th Meeting of the Convergence Council of Ministers and Governors of Central Banks of the WAMZ (15th September 2023)
These meetings are expected to facilitate cooperation and coordination among member states, furthering the goals of economic integration within the West African Monetary Zone.
The discussions and decisions made during this event will have a significant impact on the region’s financial and economic stability.
Source: Ghana Business
