The new road map that will lead to the adoption of a single currency in West Africa was adopted on 25 May 2009. That road map is the outcome of the implementation of the instruction given by the Assembly of ECOWAS Heads of State and Government during its summit held on June 15, 2007 in […]
The international economy has been affected during the last two years by asuccession of crises. The spiral has started with a food crisis which was mainly caused by the increasing use of cereals for the production of biofuel combinedwith a series of bad weather which affected certain production sites. This situation resulted in a considerable […]
The West African Monetary Agency (WAMA) is a specialised autonomous agency of the Economic Community of West African States (ECOWAS) responsible for the monitoring, coordination and implementation of the ECOWAS Monetary Cooperation Programme (EMCP). The ultimate objective of the EMCP is the establishment of a single monetary zone to be managed by a community central […]
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 […]
WAMA GETS A NEW DIRECTOR GENERAL Prof Mohamed Ben Omar Ndiaye assumed office as Director General of the West African Monetary Agency (WAMA) on the 1st of June 2008. A professor of Economics with a long period of experience in research and teaching at the University of Cheikh Anta Diop (UCAD) in Dakar Senegal. He […]
Over the period 1980-2008, the price of crude oil had fluctuated significantly, with a mean, minimum and maximum values of $ 32.31 (bbl), $ 12.72 (bbl) and $ 140 (bbl) respectively. The above statistics, in addition to a standard deviation of 17.08 over the sample period show that the prices of crude have always been […]
The ECOWAS Monetary Co-operation Programme (EMCP) aims to establish a monetary union which is defined as a group of two or more countries sharing a common currency managed by an autonomous monetary authority (in the strict sense) or a mechanism whereby all domestic currencies are convertible one to the other. The desire to establish a […]
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 […]
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 […]
For some years now, there has been a flurry of literature on exchange rate trends in countries that are seeking to joint a monetary union. In fact, the use of direct criteria such as exchange rate volatility is in response to weak empirical validation of traditional criteria on optimum monetary zones. Economists that have worked […]
