Organogram & Departments
Every organisation is made up of different Departments. Each Departments contributes to the effective functioning of the day-to-day businesses and activities of the Institute. The Departments have various employees with different expertise and knowledge area which are galvanized together to pursue and further the overall goals of the Institute through the application of thier skills and talents.
LEGAL SERVICES DEPARTMENT
The Legal Department acts as legal advisor to the West African Monetary Institute (WAMI) and the West African Monetary Zone (WAMZ). The Department is responsible for the preparation of the legal instruments necessary for the actualization of the monetary union. Read More
INTERNAL AUDIT DEPARTMENT
Internal Audit plays a significant role in assisting the Committee of Governors (CoG) and Director General in the achievement of the Institute's aims and objectives. The main role of Internal Audit is to provide independent and objective assurane, designed to add value and improve operations. It ensures that management establish and maintain sound internal control processes and good governance environment in the Institute. The Internal Auditors also assist managemnet by providing consulting services to help review specific issues and concerns that are better addressed through an advisory type engagement.
The internal auditing process provides oversight to obtain reasonable assurance regarding Management's assertions that objectives are achieved for effectiveness and efficiency of operations, protection of assets, reliability of financial information, and compliance with laws and regulations.
The purpose, authority and responsibility of internal audit activity at the West African Monetary Institute (WAMI) are set out in its Charter.
MULTILATERAL SURVEILLANCE & TRADE DEPARTMENT
The Multilateral Surveillance Department develops the mechanism for efficient and timely surveillance of the macroeconomic performance of WAMZ Member States. The Department also monitors and reports periodically on macroeconomic developments in the WAMZ, including early warning signals where there are adverse developments. It also collaborates with other departments in the discharge of its mandate and coordinates the functions of desk officers assigned to each Member State.
The Trade Unit asesses the extent of trade integration in the WAMZ and efforts of member countries in achieving trade integration in ECOWAS, including assessment of level of trade facilitation infrastructure in the WAMZ: customs procedures, transportation, telecommunication, energy, and transit routes. Also, promote compliance by member countries with ECOWAS trade-related protocols and policies for a deeper free trade area in the WAMZ towards the WAMZ monetary integration process.
RESEARCH AND STATISTICS DEPARTMENT
The objective of the Department is to provide proactive support to the Institute’s work programme. The Department is made up of two (2) divisions, namely: Research and Policy Analysis Division and the Statistics Division.
The core functions of the department are to: conduct empirical proactive research on contemporary issues of relevance to the WAMZ programme; carry out analysis and synthesis of macroeconomic policies in the WAMZ Member States; harmonize fiscal and monetary policies in the WAMZ; develop the monetary policy framework and strategy for the West African Central Bank (WACB); and carry out the production of the Institute’s statutory publications.
The objectives of the Statistics unit are to ensure the harmonization of macroeconomic statistics for convergence surveillance; and the development of the statistical architecture that will support the common monetary policy operations of the proposed West African Central Bank (WACB).
FINANCIAL INTEGRATION DEPARTMENT
Financial integration remains an important element of the WAMZ programme, because it is essential for an efficient and effective implementation of a common monetary policy, and will facilitate timely transmission of the desired impact of such policy across the Zone.
The main objective of the Financial Integration Department is to facilitate the integration of the WAMZ financial sector and the seamless rollout of the WAMZ Eco currency. The implementation strategy of the department includes the full capital account liberalization; Cross-listing and trading of stocks among regional capital markets, banking and non-banking sector integration, currency convertibility and the quoting and trading in WAMZ currencies and Payments System development and Integration.
Structure of the Department
The Department is structured into Four Units –
1. Payments System Development Unit
The main goal of the Payments System Development Unit includes the development, monitoring, and upgrading of member countries payment systems to harmonise the payment systems across WAMZ countries, and ultimately develop an integrated regional payment systems infrastructure that will support transactions in the Single Eco Area.
2. Capital and Debt Market Integration Unit
The Unit works to develop and foster regional integration through the promotion of capital market development and integration in the WAMZ, capital account reforms and liberalization; and regional currency convertibility
3. Insurance Integration Unit
The unit works to foster the development and integration of the Insurance Sector in the WAMZ.
4. Banking and Non-Banking Sector Integration unit
The Unit engages in activities that promote the integration of the banking sector and non-bank financial institutions, harmonization of Banking and Non-Banking supervision systems, set up Banking and Non-Banking Colleges, facilitate cross-border banking activities and promote capacity building programmes for financial sector regulators.
CORPORATE SERVICES DEPARTMENT
Manage the human and financial resources of the Institute in order to ensure the right environment for the effective discharge of the mandate of WAMI. The Department is made up of two (3) divisions, Finance Division, Administration Division and Information Communication & Technology Division.
Efficiently manage the Institute’s financial resources as well as the WACB and SCF funds, maintain an adequate system for keeping financial records and preparing the financial statements and other financial reports for decision making.
To provide personnel, administrative services and logistics support for the Institute’s activities.
The ICT division aims at facilitating the work of all other Departments of the Institute. It is expected to acquire and provide support for all types of hardware and software tools that may be required for achieving the Institute’s goals efficiently. To this end, the Department provides and ensures support for a cost-effective access to the Internet for services like Net-Browsing Messaging and, not least, Web-page maintenance of the Institute’s web-site.