Objectives and Mandate

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.