ACBF Commits U.S.$ 2 million to Strengthening Capacity of the West Africa Monetary Institute

31 January 2012
Content from a Premium Partner
The African Capacity Building Foundation (Harare)
press release

• WAMI embarks on a 4 year capacity development programme to strengthen macroeconomic convergence in West Africa and build institutional and human capacity at Secretariat.

The African Capacity Building Foundation (ACBF) and the West Africa Monetary Institute on 31st January 2012 signed a Grant Agreement of U.S.$2 million for the Capacity Building Project for the West Africa Monetary Institute (CAP-WAMI). The objective of the project is to contribute to strengthening the capacity of WAMI and its member states to undertake preparatory activities for the West African Monetary Zone (WAMZ) Monetary Union, aimed at enhancing compliance for macroeconomic convergence by 2015.

The project seeks to address two key components in WAMI's strategic plan. Firstly, macroeconomic convergence that will focus on strengthening the institute's capacity to improve macroeconomic surveillance and statistical harmonisation; and secondly, the project will build the human and institutional capacity by enhancing collaboration between the member states and WAMI. This will be achieved through strengthening the IT infrastructure and software, enabling high quality data and timeliness for informed macroeconomic policy and participation in the regional economic and monetary union. These two critical pillars underpin WAMI's mission of establishing a West African Central Bank (WACB) and launching a common monetary union for the West African Monetary Zone (WAMZ). The project will also enable WAMI to contribute to meeting ECOWAS's strategic objective of increasing economic integration and regional trade in West Africa, through harmonising monetary and financial policies and also legal frameworks and instruments, in addition to conduct research on salient issues.

Speaking at the signing ceremony of the Grant Agreement at WAMI, Dr. Frannie Léautier, ACBF's Executive Secretary, commended WAMI for taking a huge step towards the realisation of a West African Monetary Zone by 2015.  "This project is timely not only for WAMI, but also for ACBF.  In its strategic plan for 2012 – 2016, ACBF is giving priority to innovation in building productive capacity, which includes support to Regional Economic Communities (RECs) and other regional institutions, such as WAMI.  ACBF aims to strengthen the Secretariats of regional bodies, while at the same time seeking to innovate and pilot capacity development approaches aimed at improving implementation results for cross- border investments and contracts in infrastructure, policy coordination for integrating regional markets, trade integration and regional economic policy analysis and management. WAMI's four-year project will not only build the two critical pillars mentioned earlier, but will also develop the salient skills and influence for leadership and governance in the region.  We are looking forward to the results of this critical project and we are seeking particularly to learn and innovate during implementation, so that lessons can be of value to other regions."

In accepting the Grant, the Acting Director General of WAMI, Mr. J. H. Tei Kitcher, stated that, "Member States are doing their best by contributing faithfully to the implementation of the Institute's work programme, significant funding gaps remain to carry out some of the key components of other important auxiliary projects included in the WAMZ programme. It is in this context that the timeliness and importance of the ACBF Grant to WAMI cannot be underestimated.  The Grant is expected to address key challenges in two of the five pillars- Macroeconomic Convergence, Research and Statistical Harmonisation (Pillar I), and Institutional and Human Capacity Building (Pillar V), of the WAMI Strategic Plan. We look forward to a successful implementation of the projects, I wish to reiterate WAMI's strong commitment to continually strengthen our collaboration with the ACBF and other development partners to achieve the aspirations of the founding fathers of the WAMZ programme which is to accelerate regional economic and monetary integration in ECOWAS."

The project envisages five outcomes. These are: enhanced macroeconomic analysis capacity; improved compliance with convergence criteria over the medium term in member countries; cross-country understanding of macroeconomic convergence; informal policy dialogue between policy makers; and improvements in the analytical skills and capacity of WAMI staff.

About the African Capacity Building Foundation

ACBF was established in February 1991. It is the outcome of collaboration between African governments and the international donor community. Its mission is to build sustainable human and institutional capacity for sustainable growth and poverty reduction in Africa. ACBF's vision is for Africa to be recognized for its socio-political and economic capabilities and endowments a continent with effective institutions and policies acquired through sustained investment in people and institutions. The Foundation is a leader, major partner, and centre of excellence for capacity building in Africa.

The ACBF has a strategic MoU with the African Union, which currently serves as an Observer on the ACBF Board of Governors.

For further information on ACBF, please contact:

a.mpunzwana@acbf-pact.org

r.kambarami@acbf-pact.org

African Capacity Building Foundation (ACBF)
PO Box 1562, Harare
ZIMBABWE
Tel: + 263 4 700208/210

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