The Daily Observer (Banjul)

November 7, 2002
Posted to the web November 7, 2002

Banjul

President Jammeh yesterday led a high-powered delegation to the Fourth
Summit of Heads of State and Governments of the West African Monetary Zone
(WAMZ).

The meeting is scheduled from November 6-8 in Guinea (Conakry). The agenda
for the summit includes a date for the take-off of the Common Central Bank,
selection of Headquarters of the Central Bank and the contribution to the
capital of the Central Bank.

Presidents John Agyekum Kufuor of Ghana, Lansana Conte of Guinea, Olusegun
Obasanjo of Nigeria and Ahmed Tejan Kabbah of Sierra Leone are expected to
attend. Others attending the summit would be President Pedro Verona Pires of
Cape Verde, Charles Taylor of Liberia and Dr. Mohamed Ibn Chambas, Executive
Secretary of Ecowas.

Single monetary zone

The decision to adopt a West African Monetary Zone as part of the Ecowas
effort to introduce a Single Monetary Zone by 2004 was made at a meeting of
Heads of State of six West African countries two years ago in Accra.

The summit is being held in preparation of the adoption of a monetary union
for West Africa to facilitate trade and movement for the socio-economic
benefit of the 250 million people in the sub-region.

Alongside the head of states summit, there is a meeting of the members of
the Convergence Council of Ministers of WAMZ. The summit was preceded by a
technical experts meeting from November 3.

Last June the Eighth Convergence Council of Ministers and Governors of the
West African Monetary Zone Meeting was held in Accra on the adoption of a
single monetary unit by the sub-region.

With the monetary union, resources in the sub-region would be pooled to
create a larger regional market, increase trade, significantly improve
domestic and foreign direct investment and create more jobs that would lead
to a higher standard of living.

The president of the Ecowas Bank for Investment and Development,
Director-General of the West African Monetary Agency, director general of
the West African Institute for Financial and Economic Management and the
director general of WAMI would also attend.

Convergence criteria for members include the achievement of a single digit
inflation by 2003, a foreign exchange reserve covering imports for not less
than three months.

Additionally, their budget deficit to their Gross Domestic Product (GDP)
should be less than five per cent, while their Central Banks credit to their
governments should be less than 10 per cent of the previous year's tax
revenue.

None of the countries have fully met the convergence criteria. Though, The
Gambia achieved these last year, it has slipped.








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