The Director General of the West African Monetary Agency (WAMA), Mr. Boima Kamara, has declared that while the journey toward the launch of the ECOWAS single currency, the ECO, remains challenging, it is firmly within reach if member states act decisively, pragmatically, and in line with regional realities.
Kamara made the assertion on Monday, February 9, 2026, at the 2nd Ordinary Joint Meeting of the Economic and Macroeconomic Policy Technical Committee of ECOWAS and the Operations and Administration Committee of WAMA, held at the Central Bank of Liberia (CBL). The meeting coincided with one year since his assumption of office as Director General of WAMA in January 2025, at a time when the ECO launch is projected to take place in 2027.
"The climb to convergence and subsequent launch of the ECO was just a year away. The launch day seems steep but not insurmountable," Kamara told delegates, noting that the region's resolve toward economic integration and monetary cooperation continues to grow stronger.
According to him, the collective commitment of ECOWAS institutions and member states is fueling renewed momentum for the Monetary Cooperation Programme, but success will depend on making smart and practical decisions grounded in the socioeconomic realities of the region.
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"Our shared commitment to the economic integration and monetary cooperation in our region is enacting an unrelenting spirit that says we have all it takes to succeed, but we must take practical and smart decisions that are consistent with the realities of our community," he said, adding that the ECOWAS community is "getting stronger" and has "something to write home about."
Kamara used the occasion to acknowledge the oversight and support of the Committee of Governors, led by its Chairman, Hon. Bois Sidi, Governor of the Central Bank of The Gambia, as well as the contributions of the joint technical committees, expert committees, and WAMA staff.
He also praised regional institutions including the ECOWAS Commission, WAMI, WAIFEM, UEMOA, and EBIT for what he described as strong strategic partnerships forged over the past year.
Providing a global and regional macroeconomic outlook, Kamara said global growth remained subdued in 2025 due to policy uncertainties and rising geoeconomic fragmentation triggered by tariff-related shocks.
He noted that global growth slowed from 3.3 percent in 2024 to 3.2 percent in 2025, with advanced economies projected to grow by 1.6 percent in both 2025 and 2026. Emerging markets and developing economies, he said, were expected to grow by 4.2 percent in 2025, slightly below the 4.3 percent recorded in 2024.
Sub-Saharan Africa, however, remained resilient, recording growth of 4.1 percent in 2025 and projected at 4.4 percent in 2026, while ECOWAS growth was expected to rise from 4.3 percent in 2024 to between 4.3 and 4.7 percent in 2025.
Turning to the ECO roadmap, Kamara acknowledged delays in the implementation of some activities but stressed that WAMA has mobilized all available human and financial resources to accelerate delivery since he assumed office.
He disclosed that under the revised roadmap, WAMA is responsible for 78 out of 135 activities, representing 58 percent of the total. Of those 78 activities, 64 are expected to be completed between 2022 and 2026, while 14 extend into 2027 in support of the ECO launch and the operationalization of the Central Bank of West Africa.
"This implies under the revised roadmap that WAMA is required to continue work beyond 2026," Kamara said. He revealed that by the end of the 2025 statutory meetings in Monrovia, 22 of the 64 activities would have been completed, with 20 expected to be completed in the first half of 2026 and the remaining 20 by the end of 2026.
However, he cautioned that meeting these targets would require extraordinary effort. "The reality on the ground says a real heavy lifting from you, WAMA, and our authorities is required to pull this through in less than a year or bite the bullet of realignment," he warned.
Kamara highlighted several milestones already achieved, including joint multilateral surveillance missions to 12 member states, the drafting of the legal text of the ECO Solidarity and Stabilization Fund, revisions to studies on capital and reserve distribution, drafting of the Monetary Union Agreement and the statute establishing the Central Bank of West Africa, and progress on legal frameworks for balance of payments reporting, credit reference bureau interconnectivity, and ECO payment and settlement systems.
Looking ahead, he said WAMA's priorities in 2026 include accelerating implementation of the Pan-African Payment and Settlement System, which requires US$10.1 million for real-time gross settlement infrastructure, operationalizing the ECO exchange rate mechanism, harmonizing current and capital account liberalization policies, determining the value of the ECO, and completing the legal framework for ECO deposit guarantee schemes. He stressed that adequate funding, timely decision-making, and adoption of legal texts by ECO bodies remain critical to meeting the 2027 launch target.
From an institutional perspective, Kamara reported significant reforms at WAMA over the past year, including strengthened governance arrangements, improved staff performance management, installation of biometric systems, development of business continuity and succession plans, infrastructure upgrades, and the introduction of solar electrification at WAMA facilities. He extended appreciation to the African Development Bank for supporting the ECOWAS payment and settlement system and to the International Monetary Fund for technical assistance on current and capital account liberalization. He also announced that WAMA recently hosted the first Islamic Financial Services Board regional workshop in Freetown, Sierra Leone, aimed at strengthening regulatory and supervisory frameworks for Islamic banking and finance in the region.
Earlier in the program, Central Bank of Liberia Executive Governor Henry F. Saamoi welcomed delegates to Monrovia, describing the meeting as a testament to ECOWAS's collective commitment to monetary integration. He said the joint committee represents the technical backbone of the ECOWAS monetary integration architecture and provides a platform for reflection, dialogue, and decisive action.
Quoting Ghana's first President, Dr. Kwame Nkrumah, Saamoi reminded participants that "the forces that unite us are intrinsic and greater than the superimposed influences that keep us apart," adding that the region's task is to translate the dream of monetary union into reality despite global uncertainties. He noted that ECOWAS economies recorded growth of 4.8 percent in 2025, up from 4.3 percent in 2024, with inflation moderating significantly and fiscal positions improving across member states.
Saamoi disclosed that four member states met all four primary convergence criteria in 2025, compared to two in 2024, while progress has been made in reserve pooling and capitalization of the proposed Central Bank of West Africa. He acknowledged, however, that gaps remain, particularly in funding the ECOWAS payment and settlement system and determining the location of the Central Bank's headquarters.
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Highlighting Liberia's performance, Saamoi said the country recorded real GDP growth of 5.1 percent in 2025, up from 4 percent in 2024, driven by mining and infrastructure investment. Inflation eased sharply to 4 percent by end-December 2025, the lowest in over two decades, while government revenue and grants rose by 18.6 percent, enabling Liberia to achieve a balanced budget within the ECOWAS 3 percent deficit benchmark. Public debt declined to 54.2 percent of GDP, exports increased by 30 percent, and gross external reserves rose to US$575.5 million.
"We are pleased to report that Liberia met two of the four primary ECOWAS convergence criteria and all secondary criteria in 2025," Saamoi said, reaffirming Liberia's commitment to regional integration and macroeconomic convergence.
Both leaders concluded with a call for urgency, unity, and political will. Quoting President Alassane Ouattara, Saamoi stressed that economic integration is a necessity for West Africa's stability and future, while Kamara expressed confidence in the region's collective capacity to deliver the ECO.
"Our community yearns for an economically and monetarily integrated region where peace, stability, and shared prosperity are enjoyed by all," Kamara said. "I remain firmly convinced that we have the resources, capacity, intelligence, and collective will to deliver on this mandate. Long live the ECOWAS Monetary Cooperation Programme. Long live the ECO."
