Business
West Africa Monetary Zone moving towards single currency
The West Africa Monetary Zone (WAMZ) groups together Guinea and the five Anglophone West African countries of Liberia, Sierra Leone, Ghana, Nigeria and The Gambia.
One of the major objectives of the West Africa Monetary Zone, is the introduction of a single currency for member states of the organisation to be known as the Eco.
Finance ministers and central bank governors of the six member countries are currently meeting in Monrovia to discuss how to harmonize their payment systems and fast-track the the introduction of the Eco by 2015.
Formed in 2000, the West Africa Monetary Zone 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 eventual goal is for the CFA franc and Eco to merge, giving all of West and Central Africa a single, stable currency. The launch of the new currency is being developed by the West African Monetary Institute based in Accra, Ghana.