THE DIRECTOR GENERAL OF THE WEST AFRICAN MONETARY AGENCY, MR. BOIMA S. KAMARA, PAYS A COURTESY CALL ON THE GOVERNOR OF THE CENTRAL BANK OF THE GAMBIA, MR BUAH SAIDY
On 6 March 2025, the Director General of the West African Monetary Agency (WAMA), Mr. Boima S. KAMARA, paid a courtesy visit to the Central Bank of the Gambia, 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. Buah SAIDY, who is also the Chairman of WAMA’s Committee of Governors (COG). In attendance during the meeting were 2 Special Advisers to the Governor, Mr Momodu B. MBOGE and Mr Momodou NJIE. On WAMA side, Mr. Kamara was accompanied by Dr. Elijah UDOH, the Director of Research and Statistics Department.
In his remarks, the DG of WAMA assured Governor Saidy of his commitment to chart a new path for WAMA and ensure that the Agency delivers on the mandates of a viable monetary union in West Africa with a single currency by 2027. He reiterated that this was necessary to change the lives of over 300 million inhabitants of ECOWAS by metamorphosing from a Community of States to a Community of People where prosperity and peace prevail for all.
Mr Kamara noted that visionary leadership starts with a strategic plan. He emphasized that the key driver of his stewardship would be his vision couched within a 4-Year STRATEGIC Plan that would be presented to the COG in June 2025, which is founded on four key pillars: i. Capacity Strengthening to reposition WAMA to deliver on its mandate for the ECOWAS-wide region; ii. Data and Evidence Generation through the building of a robust database infrastructure for large, reliable and quality data; iii. Promotion of the Utilisation of Evidence-Based Research for policy decision-making; and iv. Strategic Communication for awareness creation on the ECOWAS single currency programme. He highlighted that this plan will restructure WAMA for effectiveness and enhance the capacity of the agency to deliver on her vision and mandates.
The DG of WAMA also stated that the adoption of the single currency for the ECOWAS member states has faced significant delays and postponement due largely to the difficulties of meeting the macroeconomic convergence criteria. Mr Kamara noted that a problem identified is partly solved. In this regard, as a sharp departure from the past, WAMA has proposed a comprehensive assessment of the difficulties of achieving single currency in the ECOWAS Bloc where ECO circulates as the only medium of exchange, and the slow pace of intra-regional trade among member states. Findings from the study would inform the development of an all-inclusive action plan aimed at addressing the binding constraints to realizing the single currency by member states under the ECOWAS Monetary Cooperation Programme.
Reacting to the remarks of the DG, the Chairman of the CoG and Governor of the CBG, Mr Saidy expressed full confidence in the competency of Mr Kamara to successfully lead WAMA in the path to progress. He stressed the need for utmost discipline from professional staff and prudent financial management at WAMA. The Chairman also called for the restructuring for organizational efficiency and to also refocus the institution to achieve its mandate of establishing a monetary union in the region. He entreated the DG to ensure strict adherence to the Conditions of Service, the rules and operation manuals, for prudent deployment of resources. He reiterated his full commitment to ensure that his tenure as the Chairman of WAMA COG brings transparency, credibility and efficiency to the operation of WAMA.