West African Monetary Institute

📢 New WAMI Publications Now Available!

The West African Monetary Institute (WAMI) is pleased to announce the release of its 2024 Annual Report and new editions of the WAMI Occasional Paper Series, covering key economic and policy issues within the West African Monetary Zone (WAMZ).

📘 Featured publications include:
• 2024 Annual Report of the West African Monetary Institute
• Occasional Paper No. 36 – Exchange Rate Pass-Through to Inflation in the WAMZ
• Occasional Paper No. 37 – Fiscal Deficit and Inflation Dynamics in the WAMZ
• Occasional Paper No. 38 – Infrastructure Development and Intra-Regional Trade
• Occasional Paper No. 39 – Climate Change and the Real Sector in the WAMZ

These publications offer valuable insights for policymakers, researchers, and the general public.

🔗 Read and download via the WAMI website:
👉 Occasional Papers: https://wami-imao.org/en/publications/occasional-papers

👉 Annual Reports: https://wami-imao.org/en/publications/reports/annual-reports

Occasional Papers | West African Monetary Institute (Institut Monétaire de l'Afrique de l’Ouest)

The West African Monetary Institute (WAMI), in partnership with the Government of the Republic of Liberia, will host the 2025 End-Year Statutory Meetings of the West African Monetary Zone (WAMZ) from 4–13 February 2026 in Monrovia.

The meetings will bring together policymakers and stakeholders for the:
✔️ 58th Technical Committee Meeting
✔️ 52nd Committee of Governors Meeting
✔️ 55th Convergence Council Meeting

Discussions will cover critical issues such as macroeconomic performance, regional convergence, development financing, capital markets integration, payments systems development, and the legal foundations of the ECOWAS Monetary Union. Reports from supervisory bodies across banking, insurance, and non-bank financial institutions will also be reviewed.

The programme will run alongside sessions of WAIFEM (4 February 2026) and joint ECOWAS–WAMA meetings (9–13 February 2026).

Stay connected for updates as WAMI continues to advance regional monetary integration and financial stability across the WAMZ.

WAMI Strengthens Regional Integration with French Language Training

WAMI recently hosted a one-week in-person French language class at its Accra office from 10th to 14th November, delivered by Channelle Française.

This training forms part of our efforts to enhance staff capacity, strengthen collaboration with French-speaking member states, and support regional monetary and financial integration within the WAMZ.

Participants gained practical communication skills that will improve cross-border engagement and overall institutional effectiveness.

WAMI remains committed to continuous learning, professional development, and building a multilingual workforce that reflects the diversity of our region.

COURTESY VISIT OF THE HON. IBRAHIM L. STEVENS, GOVERNOR OF THE BANK OF SIERRA LEONE AND CHAIRMAN, COMMITTEE OF GOVERNORS OF THE WEST AFRICAN MONETARY ZONE TO THE WEST AFRICAN MONETARY INSTITUTE (WAMI)

The management and staff of the West African Monetary Institute (WAMI) had the honour of hosting Hon. Ibrahim L. Stevens, Governor of the Bank of Sierra Leone and Chairman of the Committee of Governors of the West African Monetary Zone (WAMZ), on Wednesday, 12 November 2025, at the Institute's premises in Accra, Ghana.
The visit provided an opportunity for the Management and Staff of the Institute to interact with the Governor, and engaged in discussions on the progress of roadmap activities for the single currency project, including developments in macroeconomic convergence within the region, regional payment systems, and digital transformation initiatives aimed at strengthening financial and monetary integration across the sub-region.
For more: https://wami-imao.org/en/article/11-13-2025/courtesy-visit-hon-ibrahim-l-stevens-governor-bank-sierra-leone-and-chairman?language_content_entity=en

Strengthening Financial Stability in the WAMZ: WAMI Hosts Second In-Person Meeting of the Committee of Experts on Crisis Management and Resolution

The West African Monetary Institute (WAMI) successfully convened the second in-person meeting of the Committee of Experts on the Development of a Model Crisis Management and Resolution Framework for the WAMZ, held in Aburi, Ghana, from October 27–31, 2025.

The meeting brought together senior representatives from the Central Banks and Deposit Insurance Schemes of WAMZ member states to advance work on a harmonized framework that strengthens the resilience of banks across the region.

In his opening remarks delivered on his behalf, Mr. Abdulsalam Sikiru Abidemi, Director General of WAMI, emphasized the importance of regional collaboration in building a robust financial system. Mr. Gassim Komara, Director of the Financial Integration Department, reiterated WAMI’s commitment to supporting the Committee’s mandate.

The experts finalized key aspects of the framework and agreed to continue work on resolution tools and funding mechanisms in early 2026 — a crucial step toward promoting financial stability and integration in the WAMZ.

REQUEST FOR EXPRESSIONS OF INTEREST (CONSULTING SERVICE-FIRMS)
CONSULTANCY SERVICES FOR THE TECHNICAL AND FUNCTIONAL CAPACITY BUILDING PROGRAMME UNDER THE DEVELOPMENT OF THE DEBT MARKET IN THE WEST AFRICAN MONETARY ZONE (WAMZ)-PHASE 1 PROJECT

For more details:

RECRUITMENT OF A CONSULTING FIRM FOR THE TECHNICAL AND FUNCTIONAL CAPACITY BUILDING ON SECURITIES SETTLEMENT (DEPO/X) SYSTEM-IT INFRASTRUCTURE FOR THE DOMESTIC DEBT MARKET | West African Monetary Institute (Institut Monétaire de l'Afrique de l’Oue RECRUITMENT OF A CONSULTING FIRM FOR THE TECHNICAL AND FUNCTIONAL CAPACITY BUILDING ON SECURITIES SETTLEMENT (DEPO/X) SYSTEM-IT INFRASTRUCTURE FOR THE DOMESTIC DEBT MARKET Other Publications 12, Aug 2025

Strengthening Banking Resilience in the WAMZ

From July 21–25, 2025, the West African Monetary Institute (WAMI) hosted the Expert Committee Meeting on the Development and Implementation of the Basel II/III Framework for WAMZ Member States: The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone.
The meeting, supported by WAMI as Secretariat, focused on advancing the implementation of Basel II/III Pillars I and II, including the development of ICAAP and SREP frameworks tailored to the region’s specific needs.
WAMI DG, represented by Mr. Sullay Mannah, reaffirmed the Institute’s commitment to regional banking reforms and emphasized the importance of strong regulation, supervision, and adequate capital buffers to safeguard financial stability and support economic recovery.
Member States were encouraged to leverage the Expert Committee's technical support in meeting the January 1, 2026 implementation goal.
For more details: https://wami-imao.org/en/article/08-06-2025/wami-hosts-expert-committee-meeting-development-and-implementation-basel-iiiii

VIRTUAL WEST AFRICAN MONETARY ZONE (WAMZ) STATUTORY MEETINGS
The West African Monetary Institute (WAMI) is pleased to announce the commencement of its statutory meetings, to be held virtually from 11th to 15th August 2025:

More details:
French: https://wami-imao.org/en/article/08-05-2025/annonce-les-reunions-statutaires-de-mi-annee-2025-de-la-zone-monetaire-de

English: https://wami-imao.org/en/article/08-05-2025/announcement-2025-mid-year-statutory-meetings-west-african-monetary-zone

Annonce: Les réunions statutaires de mi-année 2025 de la Zone Monétaire de l'Afrique de l'Ouest (ZMAO) | West African Monetary Institute (Institut Monétaire de l'Afrique de l’Ouest) Annonce: Les réunions statutaires de mi-année 2025 de la Zone Monétaire de l'Afrique de l'Ouest (ZMAO) News 5, Aug 2025 Submitted by Aiman Uwais on 5, Aug 2025 L'Institut Monétaire de l'Afrique de l'Ouest (IMAO), en collaboration avec le Gouvernement de la République de Sierra Leone, organise l...

WAMI Hosts 29th LIIC Meeting of the West African Monetary Zone (WAMZ)
The West African Monetary Institute (WAMI) successfully hosted the 29th Meeting of the Legal and Institutional Issues Committee (LIIC) of the WAMZ from June 16–19, 2025, in Accra, Ghana.
The meeting brought together representatives from the Central Banks of WAMZ Member States (Central Bank of Nigeria, Bank of Ghana, Central Bank of The Gambia, Bank of Sierra Leone, Banque Centrale de la République de Guinée, Central Bank of Liberia) to conclude the review of the Revised Model Act for Banks and Financial Holding Companies—a key regulatory framework to enhance financial supervision and integration in the Zone.
The Director-General of WAMI, Dr. Sikiru Abidemi Abdulsalam, welcomed participants and emphasized the importance of finalizing this model legislation.
The Bank of Sierra Leone was elected Chair of the session, which concluded with the full review of key legal provisions. The finalized Act will now proceed to the WAMZ Convergence Council for consideration and adoption.
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WAMI Convenes Inaugural Expert Committee Meeting to Advance Regional Insurance Supervision in WAMZ
From July 14–18, 2025, the West African Monetary Institute (WAMI) successfully hosted the first meeting of the Expert Committee (EC) for the development of a Regional Policy Framework for the Supervision and Regulation of the Insurance Industry in the West African Monetary Zone (WAMZ) in Accra, Ghana.
The event brought together key regulators from the six WAMZ member states, including:
🔹 National Insurance Commission, Ghana – NIC (Ghana)
🔹 Leone Insurance Commission – SLICOM
🔹 NAICOM – NAICOM (Nigeria)
🔹 Central Bank of Liberia – CBL
🔹 Central Bank of The Gambia - CBG
🔹 Banque Centrale de la République de Guinée

Discussions focused on aligning regulatory frameworks, addressing gaps in insurance supervision, and enhancing cross-border coordination. A three-phase roadmap was adopted to guide the Committee's work from now through July 2026.

Congratulations to Dr. Abdulkarim Bangura (SLICOM), elected Chair, and Mrs. Stella Jonah (NIC Ghana), elected Deputy Chair of the Committee.

This milestone sets a strong foundation for regional insurance market integration and financial sector stability in the WAMZ.

WAMI Hosts Inaugural WAMZ Monetary Policy Forum to Advance Single Currency Vision

On July 17, 2025, the West African Monetary Institute (WAMI) held the maiden edition of the WAMZ Monetary Policy Forum, signaling renewed commitment toward achieving a single currency for the WAMZ by 2027.
Held virtually under the theme: “Enhancing Monetary Policy Coordination for Macroeconomic Stability and Regional Integration,” the Forum served as a strategic platform to deepen dialogue among central banks, economists, and regional institutions on accelerating monetary convergence.

Opening remarks from Dr. S.A. Abdulsalam, Director General of WAMI, and Mr. Alimamy Bangura, Chairman of the Forum, emphasized the importance of coordinated policy reforms and institutional alignment in realizing the region’s integration goals.
Participants—including WAMZ Technical Committee members, senior economists, and academia—discussed key macroeconomic trends, inflation management, and persistent structural challenges such as:
Limited productive capacity
Exchange rate depreciation
Infrastructure gaps
Intra-regional trade barriers
The Forum concluded with a unified commitment to:
✅ Harmonize macroeconomic policies
✅ Strengthen institutional frameworks
✅ Drive reforms that support price stability and economic resilience
This first edition sets a strong precedent for continued collaboration in pursuit of a robust monetary union for West Africa.

Courtesy Visit to the Ministry of Finance, Ghana

The Director General of the West African Monetary Institute (WAMI), Dr. Abdulsalam Sikiru, led a delegation on a courtesy visit to the of Finance, Ghana.

The visit focused on strengthening collaboration on regional monetary integration efforts, with particular emphasis on advancing the West African Monetary Zone (WAMZ) convergence process and the implementation of the ECOWAS single currency (ECO).

We appreciate Ghana’s continued leadership and commitment to regional economic stability and integration. WAMI remains dedicated to working closely with member states to realize the shared vision of a unified West African monetary system. 🤝🌍