The West African Monetary Agency (WAMA), in collaboration with the Bank of Sierra Leone (BSL), held a five-day regional workshop on the ECOWAS Exchange Rate Mechanism (EcERM) and the Operational Framework for the Monetary Policy (OFMP) of the Future CBWA from 28 September to 2 October 2026 in York, Sierra Leone.
The workshop brought together representatives of ECOWAS Member Central Banks and relevant regional institutions to review and further refine the proposed regional ERM and the OFMP. Participants also considered the proposal for the establishment of the ECOWAS Monetary Cooperation Fund, a component of the EcERM.
Pictorial of the Participants who attended the Workshop York, Sierra Leone.
The York workshop built on the technical discussions, comments and recommendations arising from the preceding regional consultations, particularly the workshop held in June 2026 in Monrovia, Liberia. It provided an important platform for Member Central Banks to examine the revised proposals, clarify outstanding technical and institutional issues, and consolidate their views towards the development of coherent regional frameworks capable of supporting ECOWAS’ longer-term monetary integration objectives.
Building on Previous Regional Consultations
The workshop formed part of the continuing regional consultation process on the development of the Monetary Policy Framework and the ECOWAS Exchange Rate Mechanism. Following the earlier workshops and consultations, Member Central Banks had submitted comments and observations on the draft documents to WAMA.
WAMA subsequently reviewed the submissions and incorporated relevant comments and recommendations into revised versions of the documents, which were presented in York for further consideration. The process was intended to ensure that the proposed frameworks adequately reflected the institutional, technical and operational realities of Member States while remaining consistent with the broader objectives of ECOWAS monetary cooperation and integration.
Discussions were conducted through technical presentations, plenary deliberations and detailed consideration of the specific provisions of the draft documents. The bilingual conduct of the workshop, in English and French, facilitated the inclusive participation of Member Central Banks and enabled delegates to fully articulate their views on the various proposals.
Supporting Regional Monetary Integration
The workshop constituted an important component of the continuing technical efforts to strengthen the institutional and policy foundations for deeper monetary cooperation in West Africa.
Participants underscored the importance of developing a well-defined and regionally owned Monetary Policy Framework, complemented by an appropriate ECOWAS Exchange Rate Mechanism. These frameworks are expected to provide greater clarity on the principles, institutional responsibilities, operational arrangements and policy requirements necessary to advance the regional monetary integration process.
The deliberations also highlighted the importance of sustained consultation and coordination among Member Central Banks and regional institutions. Participants noted that differences in national economic conditions, policy frameworks and institutional arrangements needed to be carefully considered in developing regional mechanisms. At the same time, they emphasised the need for the proposed frameworks to establish a sufficiently coherent common basis for progressively strengthening monetary policy coordination and exchange-rate cooperation across the region.
Outcomes and Way Forward
At the conclusion of the five-day workshop, participants provided comments, recommendations and technical observations aimed at further strengthening the OFMP, the EcERM, and the proposal for the establishment of the ECOWAS Monetary Cooperation Fund.
The deliberations enabled Member Central Banks and regional institutions to clarify a number of outstanding issues and identify areas requiring further technical, institutional or legal consideration. The Agency also received additional guidance for the revision and consolidation of the workshop documents.
The York workshop therefore marked another important milestone in the regional consultative process and reaffirmed the commitment of Member Central Banks and regional institutions to strengthening the policy, institutional and operational foundations for deeper monetary cooperation and integration within ECOWAS.
