The key objectives assigned to the Agency are as follows:
- To promote the use of national currencies in trade and non-trade transactions within the sub-region.
- To bring about savings in the use of member States’ foreign reserves.
- To encourage and promote trade and exchange liberalization among member States.
- To enhance monetary cooperation and consultation among member States.
- To facilitate harmonisation and coordination of monetary as well as fiscal policies and structural adjustment programmes.
- To ensure the monitoring, coordination and implementation of the ECOWAS Monetary Cooperation Programmes.
- To initiate and promote policies and programmes relating to monetary integration in the sub-region.
- 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 :
- Defines policies and programmes to promote monetary and fiscal harmonisation and cooperation.
- Serves as a channel for clearings and settlements of transactions among member Central Banks.
- Manages the ECOWAS Credit Guarantee Fund Scheme.
- Undertakes studies on issues relating to monetary and fiscal cooperation and all other international economic issues affecting member States.
- Collects, stores and disseminates statistical information for member Central Banks.