WORKSHOP OF THE COMMITTEE OF EXPERTS ON THE HARMONISATION OF MONETARY AND FINANCIAL STATISTICS WITHIN THE ECOWAS

The West African Monetary Agency (WAMA), in collaboration with BCEAO, hosted a regional workshop from January 13-17, 2025 in Lomé on Harmonization of Monetary and Financial Statistics (MFS) as part of activities in lieu of the launch of the ECO, consistent with the Revised ECOWAS Roadmap. The workshop focused on advancing practical modalities for implementing harmonized frameworks and action plans approved by the Committee of Governors to develop regional MFS based on the MFSMCG 2016 methodology, ensuring consistent and reliable data for economic governance across the region.  The workshop was attended by all Member Central Banks, except Bank of Cabo Verde.  Also in attendance were major regional institutions, namely:

1. ECOWAS Commission;
2. WAEMU Commission;
3. West African Monetary Institute (WAMI); and
4. West African Institute for Financial and Economic Management (WAIFEM).

In his welcome address, Mr. Komlan AHADJI, Director of BCEAO’s Agence Principale de Lomé, emphasized the significance of harmonizing monetary and financial statistics using common methodologies based on the MFSMCG 2016 and the IMF 6^th Edition of the BOP and IIP Manual. He reiterated BCEAO’s strong commitment and willingness to share valuable experience with the Committees, urging continued cooperation to align frameworks in line with international best practices. Mr. Boima S. Kamara, DG of WAMA, expressed gratitude to BCEAO for hosting the event, highlighting the importance of high-quality, harmonized data for effective policymaking and financial stability. He acknowledged the progress since the July 2023 meeting and urged participants to use their expertise to accelerate the creation of a harmonized statistical frameworks needed to drive regional economic growth. Mr. Audu Salihu, Chairman of the Committee of Experts, thanked BCEAO for their warm reception and outlined the workshop’s agenda, which included discussions on additional data needs, IT infrastructure and policy instruments critical to establishing the proposed Central Bank of West Africa, in line with the ECOWAS Roadmap for the ECO. He stressed the urgency of cooperating to meet the fast-approaching deadline for the ECO’s launch. Concluding, he declared the Committee’s meeting officially open and expressed optimism for actionable recommendations.

During the workshop, discussions focused around the following sub-thematic areas:

• practical modalities for the compilation of regional MFS: Leveraging BCEAO’s experience in consolidating MFS for the WAEMU zone;
• simulation on the MFS Aggregation Method for the ECOWAS zone: Data presentation and Analysis;
• publication of MSF Data in SRF Format at the national level;
• harmonisation of the methodology for computing interest rates on bank loans and deposits;
• breakdown of non-resident institutional unit into Rest of the World (RoW) and ECOWAS region by sector for all instruments;
• nature and types of instruments used by Member Central Banks in the conduct of monetary policy, and proposal for a methodology for approximation of the policy rate for the region (ECOWAS);
• classification of loans by sector in accordance with the International Standards Industry Classification (ISIC), currency type and interest rate applied; and
• prospects for the preparatory work on the compilation of ECOWAS BoP and IIP statistics including the:
• development of a user guide and metadata.
• capacity-building programme for the member states and regional institutions.
• action plan for the implementation of the various activities relating to the development of the ECOWAS regional Monetary and financial statistics.

At the closing ceremony, Mr. Boima S. Kamara, Director General of WAMA, thanked the Governor of BCEAO for hosting the workshop and expressed appreciation for Member Central Banks’ commitment to the Roadmap implementation. He reiterated WAMA’s dedication to executing the directives of the Committee of Governors. Mr. Audu Salihu, Chairman of the Committee of Experts, acknowledged the BCEAO authorities for their invaluable support and praised the committee members, regional institutions, and WAMA’s leadership for their substantive contributions. He commended DG Kamara and his team for their dedication to regional integration. The Chairman then declared the meeting officially closed.