Ghana is to host the 2023 Mid-year Statutory Meetings of the West African Monetary Zone (WAMZ). 

The event held from September 5 to September 15, 2023, in Accra, will comprehensively review the Macroeconomic Developments and Convergence reports for member states. 

“This assessment aims to evaluate progress made toward meeting the primary and secondary criteria required for macroeconomic convergence within the zone,” the Ministry of Finance announced in a press statement. 

Other institutions that would participate in the Mid-Year meetings include the West African Monetary Agency (WAMA), the West Africa Institute for Financial and Economic Management (WAIFEM), and the West Africa Monetary Institute (WAMI) will host the 2023 Mid-Year Statutory meetings of the West African Monetary Zone Ghana. 

The meetings to be held include the 7th Meeting of the Audit Committee of WAMA on September 5, 2023; the 48th Technical Committee Meeting of WAIFEM on September 6, 2023; and the 43rd Joint Ordinary Meeting of the Economic and Monetary Affairs Committee and the Operations and Administrative Committee, WAMA to be held September 7, to September 9, 2023. 

Others are the 46th Meeting of the College of Supervisors of the WAMZ (CSWAMZ) from September 7 to September 11, 2023; 8th Meeting of College of Supervisors of Non-Bank Financial Institutions (CSNBFI) of the WAMZ on the September 7 to September 11, 2023; 53rd Meeting of the Technical Committee of WAMZ from September 11 to September 12, 2023; and the 47th Meeting of the Committee of Governors of Central Banks of WAMZ on September 14, 2023. 

The rest are the 45th Meeting of the Board of Governors, WAIFEM on September 14, 2023; the 62nd Ordinary Meeting of the Committee of Governors of Central Banks of ECOWAS Member States, WAMA on September 14, 2023; and the 50th Meeting of the Convergence Council of Ministers and Governors of Central Banks of the WAMZ on September 15, 2023. 

“The West African Monetary Institutions are committed to fostering economic cooperation and integration within the region, and these meetings play a pivotal role in advancing this mission,” the statement read. 

The WAMZ is composed of six member states that include The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone. 

Its organizational structure includes the Authority of Heads of State and Government of the WAMZ, the Convergence Council, the Committee of Governors, and the Technical Committee.  

The meetings are hosted by Member States of the WAMA and WAMZ rotationally. 

WAMA is an autonomous and specialized agency of ECOWAS. It is tasked with monitoring, coordinating, and implementing the ECOWAS Monetary Cooperation Programme (EMCP), which aims to establish a single currency for ECOWAS member states. 

WAMA’s membership comprises eight central banks of ECOWAS member states, including the BCEAO, the Bank of Cabo Verde, the Central Bank of The Gambia, the Bank of Ghana, the Central Bank of the Republic of Guinea, the Central Bank of Liberia, the Central Bank of Nigeria, and the Bank of Sierra Leone. 

WAIFEM is a sub-regional capacity-building organization. WAIFEM’s primary goal is to strengthen capacity in areas such as macroeconomic management, debt management, and financial. 

Source: GNA