The key objectives assigned to the Agency are as follows:

1. To promote the use of national currencies in trade and non-trade transactions within the sub-region.
2. To bring about savings in the use of member States’ foreign reserves.
3. To encourage and promote trade and exchange liberalization among member States.
4. To enhance monetary cooperation and consultation among member States.
5. To facilitate harmonisation and coordination of monetary as well as fiscal policies and structural adjustment programmes.
6. To ensure the monitoring, coordination and implementation of the ECOWAS Monetary Cooperation Programmes.
7. To initiate and promote policies and programmes relating to monetary integration in the sub-region.
8. To ensure the establishment of a single monetary zone in West Africa, paving the way for the eventual conduct of a single monetary policy and the establishment of a single currency.

In order to achieve these objectives, the Agency performs the following functions :

1. Defines policies and programmes to promote monetary and fiscal harmonisation and cooperation.
2. Serves as a channel for clearings and settlements of transactions among member Central Banks.
3. Manages the ECOWAS Credit Guarantee Fund Scheme.
4. Undertakes studies on issues relating to monetary and fiscal cooperation and all other international economic issues affecting member States.
5. Collects, stores and disseminates statistical information for member Central Banks.

The administrative organs of the West African Monetary Agency are :

The Committee of Governors, comprising Governors of all ECOWAS Central Banks. This Committee supervises the activities of the Agency and monitors the implementation of economic and monetary integration programmes.

The Economic & Monetary Affairs Committee, comprising the Directors of Research of member Central Banks. This Committee reviews, evaluates, and monitors progress in the implementation of the ECOWAS Monetary Cooperation Programmes.

The Operations and Administration Committee, comprising Directors of Foreign Operations of member Central Banks is responsible for personnel matters and monitor WAMA’s clearing and payments system for member Central Banks.

The Directorate of the Agency, comprising the Director-General and a team of professionals who manage the affairs of the Agency under the supervision of the two Technical Committees and the Committee of Governors.