Annual Report 2007
The year 2007 was one of the most challenging in the annals of the West African Monetary Agency. The Agency faced certain administrative and financial problems that culminated in a change in management during the last quarter of the year. Notwithstanding the operational encumbrances, the activities of the Agency proceeded in accordance with the 2007 Work Programme, which had been designed to strengthen the Agency’s core responsibility of monitoring the ECOWAS Monetary Cooperation Programme (EMCP). The Agency also initiated arrangements for winding-up its operations under the ECOWAS Multilateral Clearing Mechanism and Traveller’s Cheque scheme in accordance with recommendation by the Committee of Governors.
In this regard, this report summarizes the activities undertaken by the Agency in 2007 in connection with the monetary cooperation programme and other related activities. It also provides a brief on arrangements made towards final termination of operations on the clearing mechanism and traveller’s cheques scheme and, finally, outlines broad agenda for 2008.