H.E Dr. Mahamudu Bawumia, the Vice President of the Republic, has opened the 50th Meeting of the Convergence Council of Finance Ministries and Governors of Central Banks of the Member States of West Africa Monetary Zone (WAMZ), in Accra, today.
Addressing the delegation from the Member States, he highlighted the need for macroeconomic stability by West African States as a prerequisite towards achieving the long-standing dream of a single currency for the sub-region, saying, “It is important for the Member States of the WAMZ to take ownership of the convergence programme by mainstreaming it into national economic frameworks and undertake meaningful reforms to achieving the convergence criteria on a sustained basis, otherwise the vicious cycle of endless postponements will continue to hunt us”. “We, therefore, must double our efforts in ensuring macroeconomic convergence and stability which are necessary conditions for the take-off of monetary union”.
Dr. Bawumia further reiterated the importance of a West African monetary integration, most importantly, at a period where numerous economic blocs are being formed all over the world, as a results of the current challenges global economies are facing.
In attendance were finance ministers and central bank governors from WAMZ member countries such as Ghana, The Gambia, Sierra Leone, Nigeria, and Liberia.
