Message from the Director General - Dr. Olorunsola E. Olowofeso
The West African Monetary Institute (WAMI) is pleased to welcome you to the refurbished website. The Authority of Heads of State and Government of five West African Member States established WAMI, an institution of the West African Monetary Zone (WAMZ) in 2001 with a mission to undertake technical preparations of establishing the West African Central Bank (WACB) and the introduction of a single currency.
The West African Monetary Institute (WAMI/Institute) was set up in Accra, Ghana, in January 2001 and began operations in March 2001.
The Institute is to undertake technical preparations for the establishment of a common West African Central Bank and the launching of a single currency for the West African Monetary Zone (WAMZ/Zone). To minimize the effects of asymmetric shocks, a monetary union requires member countries to converge to certain quantitative and qualitative benchmarks.
The mandate of the Institute has been expanded over the years to include taking measures that will facilitate trade integration, financial sector integration, payments system development and statistical harmonization.
The Management Board shall consist of a Director-General and Directors. The Board shall be responsible for the day-to-day management of the WAMI.
"The Technical Committee"
The Technical Committee shall facilitate the coordination of the policies of Member States to the maximum extent needed for the proper functioning of the regional market and the stability of a common currency. The committee report on the status of convergence and progress in the achievement of economic and monetary union; and act in an advisory capacity to the Council and generally carry out any other tasks that maybe assigned to it by the Council.
"The Committee of Governors of Central Banks of the WAMZ"
It shall comprise the Governors of Central Banks of Member States of the WAMZ. The Committee of Governors shall undertake the supervision of the WAMZ and shall in this regard seek the advice of the Technical Committee.
"The Convergence Council"
The Council shall constitute the supervising authority of the WAMZ and its institution. Prior to the establishment of WACB, it shall comprise the Ministers of Foreign Affairs, Finance, Trade/Commerce, Integration and Governors of Central Banks of Member States of the WAMZ. Upon the establishment of WACB, the Council shall transform into a Governing Council and shall comprise the Minister of Finance and one other Minister from each Member State of the WAMZ. The Council shall undertake the supervision of the WAMZ and shall in this regard seek the advice of the Committee of Governors.
"The Authority of Heads of State and Government"
Heads of State and Government of Member States of WAMZ sitting in conference shall constitute the supreme Authority of the WAMZ.
The Authority shall by unanimous agreement, settle any matter that the Council has been unable to resolve.