A weeklong end of year statutory meeting of the West African Monetary Zone (WAMZ) will open today, January 10th 2014 in Banjul with officials expected to discuss, among other things, issues surrounding the establishment of a common market.
The meeting that will end on the 17th of January will be organised under the auspices of the government of The Gambia through the Ministry of Finance and Economic Affairs and the Central Bank of The Gambia (CBG). The main objective of the WAMZ Project is to create a common market, which will enhance the economic welfare of the citizens of the Zone. Accordingly, the WAMZ convergence Council Meeting is held twice a year to discuss progress made towards the launching of a Monetary Union and a common currency. The long-term ambition is to merge the CFA Franc zone with the WAMZ to form a single monetary zone for West Africa. The meeting is expected to convene an assembly of Finance, Trade and Foreign ministers and governors of Central Banks of the WAMZ. The establishment of a common Central Bank and the introduction of a common currency - the ECO, would represent the watershed moment of the Project.