UEMOA West African Economic and Monetary Union CFA FRANC

Course summary (UEMOA West African Economic and Monetary Union)

WEST AFRICAN ECONOMIC AND MONETARY UNION (UEMOA) was created by Treaty in January 1994 by the Heads of States of seven West African countries using the common currency, CFA franc, namely Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal and Togo. In May 1997, Guinea-Bissau became the eighth member of the Union.

This regional economic organization was to a large extent the brainchild of Mr Charles Konan Banny, Governor of the Central Bank of West African States (BCEAO), whose experts have played a major role in establishing the guiding principles and institutional framework of UEMOA. Because of its important role in especially the initial phases of the establishment of the new Union, this Bank, as well as the West African Development Bank (BOAD) are and will remain inextricably linked to it.

The main objectives of the UEMOA are to strengthen the competitiveness of economic and financial activities of member states in the framework of an open and competitive market and a harmonized legal environment.

Example of the course (UEMOA West African Economic and Monetary Union):

The UEMOA Council of Ministers met in Ouagadougou on 6 August 1999, focusing on the economic situation within member states and trade relations between the union and other countries. The UEMOA Inter-Parliamentary Committee adopted a draft treaty on the creation of a regional parliament.

The UEMOA Summit convened in Lome in December 1999, immediately prior to the ECOWAS Summit and announced the take off of their common monetary zone in January 2000.

UEMOA, West, African, Economic, Monetary, Union, CFA FRANC, Central Bank, West African, States, BCEAO, common currency, Benin, Burkina Faso, Ivory Coast, Mali, Niger, Senegal, Togo, Master, international business