West African Monetary Zone (WAMZ)

Description - West African Monetary Zone (WAMZ).

In 2000, five Western African Countries (the Gambia, Ghana, Guinea, Nigeria, and Sierra Leone) established the West African Monetary Zone (WAMZ). At the same time was set-up the West African Monetary Institute (WAMI).

Liberia acceded in 2010.

1. The West African Monetary Zone (WAMZ) is a monetary and customs union with a common currency, the CFA Franc.
2. Initially, they propose the introduction of the Single Currency in 2003.
3. Finally, they agreed to launch the new single currency in 2015.

The main objectives of the West African Monetary Zone (WAMZ) are

1. To promote the regional trade integration
2. To facilitate the foreign trade and financial operations
3. To harmonise the legislation and statistics
4. To develop the payment systems
5. To encourage the macroeconomics convergence

The West African Monetary Institute (WAMI) is the main body responsible for the creation of the:

1. Common West African Central Bank
2. Single Currency of the West African Monetary Zone (WAMZ)

The West African Monetary Zone (WAMZ) region.

1. 1.60 million square kilometres
2. 195 million people (77% of the ECOWAS and 21% of the African population)
3. Total GDP: 390 billion dollars (PPP): 73% of the Economic Community of West African States (ECOWAS) and 19% of Africa
4. Largest economy: Nigeria (76% of the WAMZ population; 86% of the WAMZ GDP; Crude oil represents 97% of Nigerian exports
5. Second economy: Ghana (9% of the WAMZ GDP)
6. Main religions: Islam and Christianity
7. Lagos-Mombasa Corridor
8. Largest port: Port of Lagos

The West African Monetary Zone (WAMZ) belongs to the West African Economic Area (African Civilisation).

Masters and Doctorates in Global Business adapted to the Students of the West African Monetary Zone (WAMZ): The Gambia, Ghana, Liberia, Nigeria and Sierra Leone.

See also: West African Economic and Monetary Union.

Nigerian Trade Agreements: Economic Community of West African States (ECOWAS), Community of Sahel-Saharan States (CEN-SAD), Africa Growth and Opportunity Act (AGOA), European Union, Trade Preferential System (TPS-OIC)...

Ouandaogo Abdoul Karim (Student of the Master of Science in International Business, University of Ouagadougou & EENI) winner of a WAEMU regional award.

EENI African Portal