The six member countries of the West African Monetary Zone (WAMZ) are: All the member countries of the West African Monetary Zone (WAMZ) are members of the Economic Community of West African States (ECOWAS). The West African Monetary Institute plans to launch the West Africa Monetary Zone in the second quarter of 2019. This article seeks to study the sustainability of fiscal policy of six composing members in West African Monetary Zone with the trend of public finance and debt management over a period 1985–2013.We employed unit root and cointegration test to apply the requirement of the present value of budget constraint. Formed in 2000, the West African Monetary Zone (WAMZ) is a group of six countries within ECOWAS that plan to introduce a common currency called the Eco. Fiscal sustainability issue is one of the major concerns in macroeconomics. On 2 May 1997, Guinea-Bissau, a former Portuguese colony, became the organisation's eighth (and only non-francophone) member state. The West African Economic Review provides a forum for the participation of all stakeholders relevant to the monetary integration process of the ECOWAS Region, in respect of providing evidence-based policy recommendations. 195 million West African, Creation of the West African Monetary Zone (WAMZ): 2000. [30], ECOWAS and UEMOA have developed a common plan of action on trade liberalisation and macroeconomic policy convergence. The second monetary zone in the ECOWAS region was established in December 2000 with the adoption of the institutional and legal framework of the WAMZ Programme. Get the most popular abbreviation for West African Monetary Zone updated in 2020 The WAMZ comprise of 5 countries in West Africa: Gambia, Ghana, Guinea, Nigeria and Sierra Leone. The launch of the new currency is being developed by the West African Monetary Institute based in Accra, Ghana. The West African Monetary Zone (WAMZ) should be integrated with the West African Economic and Monetary Union (WAEMU), The purposes of the West African Monetary Zone (WAMZ) are to achieve Eyeing China, Taiwan urges alliance against 'aggressive actions' Taiwan. [19][20][21] Area data is taken from a 2012 report compiled by the United Nations Statistics Division. 3. Along with Mauritania, Guinea opted out of the CFA franc currency shared by all other former French colonies in West and Central Africa. To promote the regional trade integration [14], Morocco officially requested to join ECOWAS in February 2017. economic integration of the Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone and the creation of a single currency (ECO, Western Africa Monetary Institute). Its objectives include:[29], Among its achievements, the UEMOA has successfully implemented macro-economic convergence criteria and an effective surveillance mechanism. A Trans-ECOWAS project, established in 2007, plans to upgrade railways in this zone. The West African Monetary Union (WAMU) is distinguished by the recognition of a common monetary unit, the Franc of the African financial community, or CFA Franc, which is issued by the BCEAO. economic and integration organisation. In a recent turn of events, the six-member countries of the West African Monetary Zone (WAMZ) comprising Nigeria, Ghana, Gambia, Guinea, Liberia and Sierra Leone, have rejected the adoption of ‘Eco‘ as the name of the proposed single currency for West Africa. [32] The six member states of WAMZ are Gambia, Ghana, Guinea, Nigeria and Sierra Leone who founded the organisation together in 2000 and Liberia who joined on 16 February 2010. The West African Economic and Monetary Union (also known as UEMOA from its name in French, Union économique et monétaire ouest-africaine) is an organisation of eight, mainly francophone West African states within the ECOWAS, that were dominated otherwise by anglophone heavyweights like Nigeria and Ghana. 2. The Economic Community of West African States, also known as ECOWAS (CEDEAO in French), is a regional political and economic union of fifteen countries located in West Africa. The eventual goal is for the CFA franc and eco to merge, giving all of West and Central Africa a single, stable currency. We do not use cookies, Economic Community of West African States (ECOWAS), West African Economic and Monetary Union (WAEMU), Zona Monetaria del África Occidental (ZMAO), Área Monetária da África Ocidental (ZMAO), Population of the countries of the West African Monetary Zone (WAMZ): [22], The ECOWAS nations assigned a non-aggression protocol in 1990 along with two earlier agreements in 1978 and 1981. In recent years these included interventions in Ivory Coast in 2003, Liberia in 2003, Guinea-Bissau in 2012, Mali in 2013, and The Gambia in 2017. How-To Tutorials; Suggestions; Machine Translation Editions; Noahs Archive Project; About Us. The banking sector comprises 106 banks and 13 fi nancial institutions, which together hold more than 90 percent of the fi nancial system’s assets (about 54 percent of GDP end-2011). The West African Monetary and Economic Union (also known under the French acronym, UEMOA) was established with the Treaty signed in Dakar on 10 January, 1994 by the Heads of State and Government of seven West African countries using the CFA Franc in common. West African Monetary Zone (WAMZ), at EENI Global Business School Website. West African Journal of Monetary and Economic Integration, Vol. The West African Monetary Zone (WAMZ) is a West-African economic and integration organisation. Abstract. Africa's Franc Zone - a tale of two regions The African franc zone, a monetary area covering France's former colonies is continuing to show encouraging signs of growth according to the Bank of France. The West African Monetary Zone The Heads of State of five countries in West Africa, as part of the fast-track approach to integration, decided in Accra, Ghana, April 20, 2000 to establish a second monetary zone to be known as the West African Monetary Zone. The main cities of the West African Monetary Zone (WAMZ) are: Zona Monetaria del África Occidental (ZMAO) Obstfeld M., and Kenneth Rogoff (2000), “Do We Really Need a New International Monetary Compact”, NBER, Working Paper Series no. The six member countries of the West African Monetary Zone (WAMZ) are: Gambia; Ghana; Guinea; Liberia; Nigeria; Sierra Leone; All the member countries of the West African Monetary Zone (WAMZ) are members of the Economic Community of West African States (ECOWAS). [26], ECOWAS nations organise a broad array of cultural and sports events under the auspices of the body, including the CEDEAO Cup in football, the 2012 ECOWAS Games and the Miss CEDEAO beauty pageant.[27]. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. At the time of establishment of ECOWAS, there was one monetary zone in West Africa West Africa Economic and Monetary Union (WAEMU) which is composed of Francophone West African countries. [12] Mauritania recently signed a new associate-membership agreement in August 2017. The West African Monetary Zone (WAMZ) is a monetary and customs union with a common currency, the CFA Franc. The Community Parliament consists of 115 members, distributed based on the population of each member state. Disclaimer. The West African Economic Review June 2015. All current members joined the community as founding members in May 1975, except Cape Verde which joined in 1977. [24] This body is headed by the Speaker of the Parliament, who is above the Secretary General. MEETINGS OF THE WEST AFRICAN MONETARY ZONE (WAMZ) FREETOWN, SIERRA LEONE 10TH – 14TH FEBRUARY, 2020 PROVISIONAL AGENDA AND PROGRAMME OF EVENTS 46th Meeting of the Technical Committee (10th – 11th February, 2020) 40th Meeting of the Committee of Governors (13th February, 2020) 43rd Meeting of the Convergence Council (14th February, 2020) Apart from Guinea, which is francophone, they are all English-speaking countries. Nigeria health workers give ultimatum to the government for addressing their demands THE WEST AFRICAN MONETARY ZONE: ELIGIBILITY FOR MONETARY UNIFICATION Abstract The study seeks to ascertain the feasibility of a plan by the members of the West African Monetary Zone (WAMZ) to form a monetary union. The CFA, which is the single currency in the West Africa Economic and Monetary Union (WAEMU), circulates among the member countries. A revised version of the treaty was agreed and signed on 24 July 1993 in Cotonou. 7864, August. [12][13] The only former member of ECOWAS is Arabic-speaking Mauritania, which was also one of the founding members in 1975 and decided to withdraw in December 2000. UEMOA was created by a Treaty signed at Dakar, Senegal, on 10 January 1994, by the heads of state and governments of Benin, Burkina Faso, Côte d'Ivoire, Mali, Niger, Senegal, and Togo. The ECOWAS also serves as a peacekeeping force in the region, with member states occasionally sending joint military forces to intervene in the bloc's member countries at times of political instability and unrest. 5(2):pp. The West African Monetary Zone: Eligibility for Monetary Unification: Is the time ripe for a Monetary Union in the West African Monetary Zone? West African Monetary Zone. Collectively, these countries comprise an area of 5,114,162 km (1,974,589 sq mi), and in 2015 had an estimated population of over 349 million. 1. Academic Programs (Courses, Masters, Doctorates) related to the West African Monetary Zone (WAMZ). : Asenso, Joseph: 9783847377863: Books - Amazon.ca [18], Statistics for population, nominal GDP and purchasing power parity GDP listed below are taken from World Bank estimates for 2015, published in December 2016. As of July 2013, ECOWAS now has six new departments (Human Resources Management; Education, Science and Culture; Energy and Mines; Telecommunications and IT; Industry and Private Sector Promotion. The move will see Nigeria, Ghana, Sierra … Nevertheless, the West African Monetary Zone (WAMZ) [The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone] is set to introduce a single currency, the eco, from 2015. For the third time since its inception in 1975, ECOWAS is undergoing institutional reforms. the It also provides the ECOWAS Council with advisory opinions on legal issues (Article 10). The West African Monetary Zone is a group of six member states comprising: The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone, established by the Agreement of … The West African Monetary Zone, comprising English-speaking West African countries and Guinea, described the decision of eight French-speaking countries in … Home; Books; Search; Support. The Eco is the proposed name for the common currency that the West African Monetary Zone (WAMZ) plans to introduce in the framework of the Economic Community of West African States (ECOWAS). [26] However, the Court did not officially begin operations until the 1991 protocol came into effect on 5 November 1996. The ECOWAS operates in three co-official languages—French, English, and Portuguese, and consists of two institutions to implement policies: the ECOWAS Commission and the ECOWAS Bank for Investment and Development (EBID), formerly known as the Fund for Cooperation until it was renamed in 2001. WAMU currently comprises: Benin, Burkina Faso, Côte-d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Since 2011, West African Economic and Monetary Union member states have entered an even more positive trend of stable growth. Look at other dictionaries: West African Monetary Zone — Zone monétaire ouest africaine États de la Zone monétaire ouest africaine Intéressés à l adhésion … Wikipédia en Français. [6][7], In addition, ECOWAS includes the following institutions: ECOWAS Commission, Community Court of Justice,[8] Community Parliament,[9] ECOWAS Bank for Investment and Development (EBID),[9] West African Health Organisation (WAHO),[10] and the Inter-Governmental Action Group against Money Laundering and Terrorism Financing in West Africa (GIABA).[11]. The Ministry of Finance and Development Planning (MFDP) release said the statutory meeting will provide member… The Member States are Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo. The Economic Community of West African States, also known as ECOWAS (CEDEAO in French), is a regional political and economic union of fifteen countries located in West Africa. A high-level statutory conference of the Committees of the Ministers of Finance, Governors of Central Banks and the College of Supervisors of the West African Monetary Zone (WAMZ) is slated to take place in Monrovia from July 27-August 4. They also signed a Protocol on Mutual Defence Assistance in Freetown, Sierra Leone, on 29 May 1981, that provided for the establishment of an Allied Armed Force of the Community.[23]. Finally, they agreed to launch the new single currency in 2015. To Meet Convergence Criteria Dr. M. O. Ojo, Director-General of the West African Monetary Institute (WAMI) has urged the five-member countries of the West African Monetary Zone to re-double their efforts in order to meet the convergence criteria for the take-off of the scheme on July 1st, 2005. & Tech., Energy, Natural Resources, & Environment, New Partnership for Africa's Development E-School Program, Economic Community of West African States Monitoring Group, Intergovernmental Authority on Development, Common Market for Eastern and Southern Africa, Economic Community of Central African States, "GDP, PPP (current international $) | Table", "GNI per capita, PPP (current international $) | Table", "The 5 previous West African military interventions", "Economic Community of West African States(ECOWAS) | ", "WAHO | West African Health Organization", "Togolese president Faure Gnassingbe takes the reins of the ECOWAS Authority of Heads of State and Government", "Morocco-ECOWAS: Good intentions are not enough", "Demographic Yearbook – Population by sex, annual rate of population increase, surface area and density", "Profile: Economic Community of West African States", About Us - ECOWAS Parliament, accessed 6 March 2017, "Communicating the ECOWAS Message (4): A New Roadmap for the Ouedraogo Commission(1)", "Common West Africa currency: ECO in 2015", "The Supplementary Wamz Payment System Development Project the Gambia, Guinea, Sierra Leone, and Liberia", Common Market for Eastern and Southern Africa (COMESA), Community of Sahel-Saharan States (CEN / SAD), Economic Community of Central African States (ECCAS / EEAC), Southern African Development Community (SADC), Intergovernmental Authority on Development (IGAD), Economic Community of West African States (ECOWAS), Economic Community of Central African States (ECCAS), Economic and Monetary Community of Central Africa (CEMAC), Community of Latin American and Caribbean States, https://en.wikipedia.org/w/index.php?title=Economic_Community_of_West_African_States&oldid=993041055#West_African_Monetary_Zone, International organizations based in Africa, Regional Economic Communities of the African Union, United Nations General Assembly observers, Short description is different from Wikidata, Articles containing Portuguese-language text, Pages using collapsible list with both background and text-align in titlestyle, Pages using infobox country or infobox former country with the symbol caption or type parameters, Articles needing additional references from May 2020, All articles needing additional references, Wikipedia articles with CINII identifiers, Wikipedia articles with SELIBR identifiers, Wikipedia articles with SUDOC identifiers, Wikipedia articles with Trove identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, Greater economic competitiveness, through, This page was last edited on 8 December 2020, at 13:58. The West African Monetary Zone (WAMZ) is a West-African Área Monetária da África Ocidental (ZMAO), (c) EENI Global Business School (Africa) More information about the Please only contact by email, WahtsApp or through the information request form It has adopted a customs union and common external tariff and has combined indirect taxation regulations, in addition to initiating regional structural and sectoral policies. Due to the COVID Pandemic, EENI has implemented teleworking. Zone monétaire ouest-africaine (WAMZ) The pros and cons of … [15] The application was endorsed in principle at the summit of heads of state in June 2017,[16][17] but Morocco's bid for membership was stalled. How to abbreviate West African Monetary Zone? [25], The ECOWAS Community Court of Justice was created by a protocol signed in 1991 and was later included in Article 6 of the Revised Treaty of the Community in 1993. The main objectives of the West African Monetary Zone (WAMZ) are. TRENDING. 2-46. Overview of the Structure of the Financial System 1 The fi nancial system in the West African Economic and Monetary Union (WAEMU) remains largely bank-based. The first was when it revised its treaty on 24 July 1993; the second was in 2007 when the Secretariat was transformed into a Commission. In 2011, the ECOWAS adopted its development blueprint for the next decade, Vision 2020, and, to accompany it, a Policy on Science and Technology (ECOPOST). 2 CFA stands for "Communauté financière africaine" when it refers to the West African franc zone. But as Andrew Manley of Africa Analysis explains there are signs of an increasing gap between the economic fortunes of West and Central Africa. [35], Economic Community of West African States, Executive Secretaries and Presidents of the Commissions, West African Economic and Monetary Union (UEMOA), "Economic Community of West African States (ECOWAS)" fact sheet from the US Department of State's Bureau of African Affairs, "Annual Report on Integration in Africa 2002" All Africa, 1 March 2002, ECOWAS Bank for Investment and Development, "Economic Community of West African States", Learn how and when to remove this template message, Industry, Sci. The WAMZ attempts to establish a strong stable currency to rival the CFA franc, whose exchange rate is tied to that of the euro and is guaranteed by the French Treasury. The jurisdiction of the court is outlined in Article 9 and Articles 76 of the Revised Treaty and allows rulings on disputes between states over interpretations of the Revised Treaty. [28] It was established to promote economic integration among countries that share the CFA franc as a common currency. The union was established on 28 May 1975, with the signing of the Treaty of Lagos, with its stated mission to promote economic integration across the region. Fast and free shipping free returns cash on … 2 ways to abbreviate West African Monetary Zone. This objective is to create a common currency for all West Africa states. ACCRA, GHANA – The 44th meeting of the Technical Committee of the West African Monetary Zone (WAMZ) is convening in Accra, Ghana. Initially, they propose the introduction of the Single Currency in 2003. As of February 2017, ECOWAS has 15 member states; eight of these are French-speaking, five are English-speaking, and two Portuguese-speaking. Following convergence process, merger would be negotiated between the first monetary zone F-XF3713 - Union économique et monétaire Ouest africaine (UEMOA) and WAMZ to create ECOWAS single monetary zone. The West African Monetary Zone (WAMZ), established in 2000, comprises six mainly English-speaking countries within ECOWAS which plan to work towards adopting their own common currency, the eco. The organizations have also agreed on common rules of origin to enhance trade, and ECOWAS has agreed to adopt UEMOA's customs declaration forms and compensation mechanisms.[31]. Govt agrees to change law to help protect over 35,000 endangered species New Zealand. Finance and Administration to Sierra Leone has been decoupled, to give the incoming Ghana Commissioner the new portfolio of Administration and Conferences). UEMOA is a customs union and currency union between the members of ECOWAS. [5] Considered one of the pillar regional blocs of the continent-wide African Economic Community (AEC), the stated goal of ECOWAS is to achieve "collective self-sufficiency" for its member states by creating a single large trade bloc by building a full economic and trading union. Collectively, these countries comprise an area of 5,114,162 km2 (1,974,589 sq mi), and in 2015 had an estimated population of over 349 million. A September 2002 IMF survey cited the UEMOA as "the furthest along the path toward integration" of all the regional groupings in Africa. Buy The West African Monetary Zone: Eligibility for Monetary Unification by Asenso, Joseph online on Amazon.ae at best prices. In 1976, Cape Verde joined the ECOWAS, while Mauritania withdrew in December 2000, having announced its intention to do so in December 1999. Like its companion courts, the European Court of Human Rights and East African Court of Justice, it has jurisdiction to rule on fundamental human rights breaches. Abbreviate West African economic and integration organisation since its inception in 1975, and. ; About Us until the 1991 protocol came into effect on 5 November 1996 February 2017 ECOWAS! ( WAMZ ): 2000 current members joined the Community as founding members in May 1975, is. 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