Courtesy Visit by Director General of West African Monetary Agency (WAMA), Mr. Boima S. Kamara, to the Governor of Central Bank of Nigeria and Chairman, Committee of Governors of Central Banks of ECOWAS Member States, Mr. Olayemi Cardoso
On 24 January 2025, the newly appointed Director General of the West African Monetary Agency (WAMA), Mr. Boima S. Kamara, paid an official visit to the Central Bank of Nigeria, as part of his goal to strengthen collaboration and foster cohesion with Member Central Banks in the ECOWAS region. He was warmly received by the Governor, Mr. Olayemi Cardoso, who extended heartfelt congratulations to DG Kamara for his appointment. Also, other senior management officials welcoming the Director General included Deputy Governor, Economic Policy, Mr. Muhammad Sani Abdullahi; Acting Director, Monetary Policy Department, Dr. Ladi Bala-Keffi, and Head of International Economic Relations, Monetary Policy Department, Dr Sikiru Bidemi Abdulsalam. The vast expertise and years of experience of the DG on matters relating to the ECOWAS single currency project and depth of knowledge in macroeconomic management and finance did not go unnoticed.
Mr. Olayemi M. Cardoso, on behalf of the Central Bank of Nigeria, reaffirmed unwavering support for the West African Monetary Agency (WAMA) under DG Kamara’s leadership. He stated that the DG assumption of duty coincides with a pivotal moment as the launch of the ECO currency approaches in 2027—just 2 years away. Governor Cardoso, who chairs the Committee of Governors of ECOWAS Central Banks, emphasized that WAMA’s success is ECOWAS’s success, underscoring the region’s broader progress. He urged DG Kamara to ensure efficient resource management and value for money by adopting a program-based budget aligned with the revised ECOWAS Roadmap for the ECO currency rollout. Furthermore, the establishment of the future Central Bank of West Africa was highlighted as another responsibility delegated to WAMA, underlining its key role in implementing the operational modalities in bringing the project to fruition. Governor Cardoso reaffirmed synergy between WAMA’s efforts and the vision of the ECOWAS Commission for robust regional financial integration and sustainable growth.
Moreover, Governor Cardoso called for building staff capacity to deal with the enormity of the tasks assigned to WAMA, and stressed the need for innovation and fresh thinking that transcends stereotypical view of the old ways and embrace the mindset that YOU CAN and JUST DO IT . He admonished the DG to deploy his wealth of knowledge and experience to initiate new solutions tailored towards regional specificities; thereby driving and accelerating change at WAMA; upholding strong institutional and professional standards in the work place that guarantee high integrity, productivity and timely delivery on the mandates of WAMA; and effective communication strategy for greater visibility and well-articulated narrative about the significant strides made so far in getting the single currency project where it is and what is being done to get to the finish line such that all citizens and key stakeholders within the ECOWAS bloc will have a better appreciation of the single currency drive so as to ensure easier and wider acceptability.
Concluding his remarks, Governor Cardoso emphasized Nigeria’s unwavering political commitment to regional integration, pledging all necessary resources. He reaffirmed top-level government backing, especially with WAMA’s leadership in implementing the modernization of the ECOWAS Payments and Settlement System (EPSS), which underlines its critical role in establishing a seamless infrastructure to bolster intra-regional trade and finalize the project’s strategic goals.
In response, DG Kamara thanked Governor Cardoso for his stellar leadership, under whose gavel the first Liberian Director General in person of DG Kamara took the helm of authority at WAMA; something DG Kamara considers an honor and awesome responsibility given him— a reflection of the confidence and trust reposed in him by the Chairman and Members of the Committee of Governors. The DG of WAMA assured Governor Cardoso and esteemed members of the Committee of Governors of his endearing commitment to deliver on the mandates charge to him, and committed to doing so in time through enhanced coordination and collaboration with regional institutions (ECOWAS Commission and the West African Monitoring Institute) and member states’ central banks and ministries of finance, hard work, and unreserved dedication to a just cause that seeks to change the lives of over 300 million inhabitants of ECOWAS by transforming from a Community of States to a Community of People where prosperity and peace prevail for all.
He underscored that the key driver of his stewardship will be his vision couched within a 4-Year STRATEGIC Plan that is being developed for WAMA, which encompasses staff capacity development, evidence generation through a strategic research plan on topical issues relating to our regional economic integration drive; thus, guiding the activities and ensuring timely completion of all tasks assigned to WAMA under the ECOWAS Roadmap.