The Committee of the Governors of Central Banks of ECOWAS Member States led by its chairman, Mr. Godwin Emiefele of the Central Bank of Nigeria (CBN), have called for greater synergy between the West African Monetary Agency (WAMA) and ECOWAS in the bid to attain a single currency in the region.
This was the key message from a working visit of the Governors of Central Banks of ECOWAS Member States to the President of the ECOWAS Commission Mr. Marcel de Souza on 1st November 2017, in Abuja, Nigeria.
During the visit, the President of the Commission emphasized the need for a single currency which will increase inter-state trade and foster economic integration in the region.
However, he stated that in regards to the convergence, none of the Member States have met the convergence criteria as stipulated by the 2012-2016 marco-economic programme.
Mr. Emiefele in his remarks stated that some factors such as lack of adequate funding, low capacity of Member States to meet the requirements of certain areas of harmonization and the coexistence of two exchange rate regimes in the region are responsible for Member States not being able meet the criteria.
Hence, the Committee of Governors called on ECOWAS to collaborate closely with WAMA and also consider avenues for financing some of their activities under the roadmap from the community levy.
‘There is also a need to establish a formal reporting framework between the committee of Governors and the Council of Ministers to facilitate channeling of relevant policy decisions and information on the Monetary Cooperation Programme to the Authority of ECOWAS Heads of State and Government’, said Mr. Emiefele.
The Director-General of WAMA, Mr. Momodou Bamba Saho, also reiterated the call for improvement of the synergy between ECOWAS and WAMA as well as other regional organizations by letting each focus on the areas that they could have a positive impact on.
The Meeting of Central Bank Governors of ECOWAS Member States and the ECOWAS President, was the first of its nature. It was precipitated by the need to assess the progress of the monetary convergence and its attainment by 2020.
Also in attendance of the meeting was the Director-General of West African Institute for Financial and Economic Management (WAIFEM), the West African Monetary Institute (WAMI), the ECOWAS Vice-President, Commissioners for Marco-economy policy and Economic Research, Industry and Private Sector and General Administration.
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