West African Monetary Agency

The West African Monetary Agency (WAMA) is an autonomous and specialised agency of the Economic Community of West African States (ECOWAS). It was established in 1996 as a result of the transformation of the West African Clearing House (WACH). In retrospect, WACH was established in 1975 to serve as a multilateral payment facility to promote trade within the West African sub-region. In addition to its functions of routing and clearing trade transactions and services, the Agency has been charged with the responsibility of monitoring, coordinating and implementing the ECOWAS Monetary Cooperation Programme (EMCP), geared towards the creation of the ECOWAS single currency.

HON. Boima S. KAMARA

Director General of WAMA

Dear visitors,
It is with great pleasure that I welcome you to the official website of the West African Monetary Agency (WAMA). This platform has been designed to provide you with direct access to key information about our institution, our research reports, and the exchange rates of the WAWA currency...

About Us

WE ARE WORKING TOWARDS ACHIEVING A SINGLE CURRENCY FOR THE ECOWAS REGION.

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.

Research and Publications

Find out all our Research and publications documents

Our Research and Publications section provides a comprehensive range of documents and analytical resources produced by the Agency

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All Documents

Our Team

Our Senior Management Team

The Senior Management team of WAMA , comprising the Director-General and a team of professionals who manage the affairs of the Agency.

We are working towards achiving a single currency for ECOWAS region

Lestest News & Blogs

What’s New at WAMA To Know

October 13, 2025

In-House Training: Artificial Intelligence for Policy Studies Begins at WAMA

As part of WAMA’s ongoing efforts to strengthen staff capacity, a specialized in-house training on Artificial

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October 13, 2025

WAMA Strengthens Ties with Cabo Verde Government

Director General of the West African Monetary Agency (WAMA)High-Level Engagement with the Deputy Prime Minister and

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September 24, 2025

Courtesy Visit of Hon. Boima S. Kamara, Director General of the West African Monetary Agency

In pursuit of his objective to strengthen collaboration and foster cohesion with key partners across the

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COUNTRIES MEMBERS 

 of WAMA

Email address:
1K Scan Drive
Freetown, Sierra Leone