Convergence Reports

Macro Economic Report 2023

The ECOWAS Macroeconomic Convergence Report for 2023 is prepared by the West African Monetary Agency (WAMA) as part of its mandate under the ECOWAS Monetary Cooperation Programme (EMCP). The report reviews macroeconomic developments in ECOWAS and assesses Member States’ compliance with the established macroeconomic convergence criteria. It also offers recommendations for policy actions. This also marks the second year of assessment of Member States’ compliance with the macroeconomic convergence criteria under the new Macroeconomic Convergence and Stability Pact (MCSP), following the declaration of 2020 and 2021 as exceptional years.

ECOWAS MACROECONOMIC CONVERGENCE REPORT FOR 2022

In accordance with the Protocol Establishing WAMA (Decision A/Dec. 4/7/92 of the Authority of Heads of State and Government) in its Articles 3, 4, and 9 and the provisions of Supplementary Act A/SA.01/12/15 amending Decision No. A/DEC.03/06/12 on the Macroeconomic Convergence and Stability Pact (MCSP) among the ECOWAS Member States, this report assesses the macroeconomic performance and the status of convergence of ECOWAS Member States in 2022 and prospects for 2023. It proposes key policy recommendations to Member States, focusing mainly on the actions to be taken to improve their macroeconomic performance.

ECOWAS MACROECONOMIC CONVERGENCE REPORT FOR 2021

As part of monitoring, coordinating and implementing the ECOWAS Monetary Cooperation Programme (EMCP), WAMA publishes the annual Macroeconomic Convergence Report after biannual multilateral surveillance missions. The report reviews the state of convergence within the ECOWAS region in 2021, as well as the prospects, as required under the protocol for the creation of the Agency in […]

CONVERGENCE REPORT 2020

As part of monitoring, coordinating and implementing the ECOWAS Monetary Cooperation Program (EMCP), the West African Monetary Agency (WAMA) publishes an annual Macroeconomic Convergence Report after biannual multilateral surveillance missions. The report reviews the macroeconomic status within the ECOWAS region, as well as the prospects, in accordance with the protocol for the creation of the […]

World activity is expected to grow moderately in 2013, leading to a growth of rate of 2.9% against 3.2% in 2012. This growth would more or less stem from advanced countries where production is expected to increase by 1.2% in 2013 against 2.0% in 2014. The strengthening of the American economy and a significant relaxation […]

ECOWAS MONETARY COOPERATION PROGRAMME 2012 REPORT

This report reviews the global economic and financial environment and analyses the economic, monetary and financial developments in ECOWAS member States in 2012. It also assesses progress made on the macroeconomic convergence programme as well as policy harmonization activities. Economic activity within the Community remained robust in 2012, recording a growth rate of 6.5%, despite […]

WAMA – ANNUAL REPORT 2010

After a stagnation in 2009, the world economy recorded a significant recovery in 2010. World growth stood at 5.0% in 2010 as against -6.0% in 2009.This recovery was observed both in advanced and developing countries. In advanced countries, real GDP growth rate rose from -3.4% in 2009 to 3.0% in 2010. Emerging and developing countries witnessed accelerated growth […]

MACROECONOMIC CONVERGENCE REPORT FIRST HALF 2009

Executive Summary ECOWAS countries faced significant challenges in the first half of 2009 and performance on the convergence criteria was mixed. Budget deficits deteriorated, reserves were much lower but there was some improvement in the inflation. Some of the outturn reflected developments in the international economy. On the international economic developments and their impact for […]

MACROECONOMIC CONVERGENCE REPORT 2008

Executive Summary The 2008 Macroeconomic Convergence Report and prospects for 2009 is divided into four main sections as follows: Section one deals with international developments, section two contains an overview of the situation of macroeconomic convergence in ECOWAS member states, Section three highlights the country-specific macroeconomic developments and status of convergence and the last section […]

MACROECONOMIC CONVERGENCE REPORT 2007

This report, which is done within the framework of executing WAMA work programme, presents an analysis of the economic and financial situation worldwide and within the Economic Community of West African States (ECOWAS) in 2007 and projections for 2008. This analysis leads to an assessment of the level of convergence and compliance with major economic […]

ECOWAS MONETARY COOPERATION POLICY REPORT