The Ministry of Finance and Economic Affairs (MoFEA), in collaboration with the Central Bank of The Gambia (CBG) have announced the hosting of the 2023 statutory meeting of monetary institutions of the West African Monetary Zone (WAMZ), at the Sir Dawda Kairaba Jawara International Conference Centre from the 2nd to 9th of February 2023.
According to the Ministry, the major objective of the WAMZ is to create a common market that will enhance the economic welfare of the citizens of the zone.
Accordingly, the WAMZ convergence council meeting is held twice a year, to discuss progress towards the launching of a monetary union and common currency for the region, with the long-term ambition of merging the CFA Franc zone to the WAMZ, in order to form a single monetary zone for West Africa. The meeting is expected to convene an assembly of finance, trade, foreign ministers and governors of Central Banks of the Zone. The establishment of a Common Central Bank and the introduction of a common currency, will represent the watershed of the project.