By Hassan Osman Kargbo
The West African Monetary Agency (WAMA) has reaffirmed its leadership role in advancing ECOWAS’ vision of a single regional currency, the ECO, during the 66th Ordinary Meeting of the Committee of Governors of Central Banks of ECOWAS Member States, held this week in Freetown.
The mid-year statutory gathering brought together central bank governors, heads of regional institutions, international partners, and senior government officials. It served as a platform to review progress, address challenges, and map the way forward for monetary and economic integration in West Africa.
In his opening remarks, Mr. Boima S. Kamara, Director General of WAMA, underscored the agency’s renewed energy and commitment since he assumed office earlier this year. He said WAMA has remained firmly engaged with member states and partner institutions, providing technical guidance and coordination in the drive toward a single currency.
Mr. Kamara reported that despite global uncertainties—driven by renewed U.S. tariffs, trade tensions, and lingering effects of COVID-19—West Africa has made notable economic gains. Regional GDP growth rose to 4.4 percent in 2024, compared to 3.6 percent the previous year, while inflation eased across most member countries due to proactive monetary policies and relative currency stability. Fiscal outcomes also improved, with the budget deficit narrowing and several countries meeting key convergence criteria.
Against this backdrop, Mr. Kamara announced that WAMA has completed its Strategic Plan for 2025–2028. The document, endorsed by the Technical Committee, sets the agency’s strategic direction for accelerating the ECO roadmap and deepening integration. It prioritizes closer collaboration with the ECOWAS Commission, the UEMOA Commission, and the West African Monetary Institute (WAMI) to ensure greater institutional coherence.
“The Strategic Plan provides a framework to align our collective efforts and focus on practical steps that will bring us closer to achieving monetary union,” Mr. Kamara said.
Delegates welcomed WAMA’s leadership in coordinating the ECOWAS Monetary Cooperation Programme and praised the agency’s role in ensuring that convergence criteria are tracked and monitored effectively. Many highlighted that WAMA’s work is crucial in maintaining macroeconomic discipline while preparing the region for eventual monetary union.
The Freetown meeting provided a timely opportunity for policymakers to renew their focus and strengthen collaboration. With WAMA steering the technical and strategic aspects of integration, confidence is growing that the ECO project can remain on track despite global headwinds.
