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 REPUBLIC OF GUINEA, DR. KARAMO KABA
On 12 March 2025, the Director General of the West African Monetary Agency (WAMA), Mr. Boima S. KAMARA, paid a courtesy call on Dr. Karamo KABA, Governor of the Central Bank of the Republic of Guinea (BCRG), Mr. Kamara was accompanied by Dr. Gradé Momèle KIPRE, Director of the Financial Integration Department and Mr. Boubacar DIALLO, Economist at the Research and Statistics Department, respectively. Also in attendance were Mr. Mohamed Lamine CONTE, 1st Deputy Governor of the BCRG and other senior officials of the Bank.
Mr. Kamara, in his opening remarks, thanked the BCRG for the significant support provided to WAMA through its substantial financial contribution to its budget. He also took the opportunity to highlight his 4-Year Strategic Plan to guide his vision for the Agency over the next 4-years. This, he noted, would focus on Capacity Strengthening to reposition WAMA to deliver on its mandate for the ECOWAS-wide region; Data and Evidence Generation through the building of a robust database infrastructure for large, reliable, and quality data; Promotion of the Utilisation of Evidence-Based Research for policy decision-making; and Strategic Communication for awareness creation on the ECOWAS single currency programme and other key achievements of regional institutions within the ECOWAS bloc. He particularly stressed the need, in conjunction with WAMI and the ECOWAS Commission, to develop a robust data architecture in order to have credible and reliable data for economic and infrastructure development within the sub-region.
The Director General also touched on the challenges faced by Member States in meeting the macroeconomic convergence criteria in a sustainable manner in the face of the multiple shocks that have disrupted economic activities in recent times coupled with the structural challenges facing the ECOWAS bloc. He intimated that WAMA will undertake a study on the Binding Constraints to Achieving Single Currency within the ECOWAS Bloc in order to offer some practical solutions to help member states achieve the macroeconomic convergence criteria. In the area of capacity building, the Director General expressed satisfaction with the successful outcome reached regarding the replacement of the Central Bank of the Republic of Guinea staff at WAMA.
Mr. Kamara expressed his strong belief in the immense potential of Guinea’s economy. He was of the view that the time had come to break from the old economic model of over-reliance on primary commodity exports (Bauxite, Alumina, Gold, Diamond, Iron Ores, Agricultural Products, and Fishery) and the Government of Guinea should revisit and review all concession agreements to ensure that priority is given to an immediate policy shift on natural resource management. He added that it was necessary to strengthen tax administration for the short-run gain of optimizing domestic resource mobilization and leverage digital technology for efficiency gains in the existing tax collection structure.
Dr. Karamo KABA, on his part, extended heartfelt congratulations to Mr. Kamara on his appointment as the new Director General of WAMA. He indicated that while welcoming the successful outcome of the BCRG staff replacement at WAMA, it should be noted that Guinea is not sufficiently represented at WAMA. The Governor also stressed his concern regarding the difficulties related to compliance with the convergence criteria by member states, noting that we have less than 2 years to launch the ECO.
Dr. Kaba shared the Director General’s opinion on the importance of taking our destiny into our own hands and indicated that the Guinean authorities are working hard on this, as evidenced by the implementation of the gigantic Simandou project with an estimated cost of US$22 billion, fully financed by 3 major mining companies: Rio Tinto, Baewu, and Winning Consortium Supply (CWS). Guinea has secured a 15% stake. The project will begin production in 2027, generating revenue of US$350 million for the Guinean economy. By 2035, Simandou will generate annual revenue of US$1.5 billion a year, while from 2040, Simandou will generate US$2.5 billion annually. The Simandou project has 3 main components: (1) a 95 million ton per year iron ore mine at full production; (2) a trans-Guinean railway approximately 670 km from the concession to the coast; and (3) a new deep-water port south of Conakry, in the Forécariah prefecture. Simandou will be the largest integrated iron ore mining project ever developed in Africa, with the potential to transform the Guinean economy, develop transportation infrastructure, and offer significant market opportunities. These opportunities could contribute to the development of the booming local mining sector. The Guinean government strongly encourages local Guinean companies to participate in the market opportunities the project will offer and encourages interested foreign investors to consider forming joint ventures with local companies.
In conclusion, the Governor reiterated the support of the Guinean authorities for WAMA and urged that WAMA work closely with WAMI and the ECOWAS Commission to make the single currency effective by 2027.