AYV News, February 7, 2025
The newly appointed Director General (DG) of the West African Monetary Agency (WAMA), Boima Kamara paid a courtesy call on the Minister of Finance, Mr. Sheku Ahmed Fantamadi Bangura.
The DG informed the Honourable Minister that he is very appreciative of the Ministry of Finance’s role in WAMA and acknowledged the support that the institution continues to receive. The DG reiterated the need for member countries to review the timeline for the introduction of the single currency (ECO) given the number of postponements that have been taken. He also recognised the challenges member countries face in meeting the four primary convergence criteria and the need to rethink on the way forward for the operationalisation of the ECOWAS single currency, the ECO.
Boima Kamara emphasised on the importance of capacity strengthening of WAMA to enable the institution to play a similar role like the European Monetary Institute, which anchored the operationalisation of the European Central Bank. DG Kamara also sought the support of the Honourable Minister for the rehabilitation of his official residence, which is currently not habitable for the image and reputation of WAMA.
Minister of Finance, Sheku Ahmed Fantamadi Bangura welcomed the DG to Sierra Leone and expressed heartfelt congratulations on his appointment.
As a former staff of the West African Monetary Institute (WAMI), he acknowledged the challenges in achieving a single currency through the two-track dynamics of ECOWAS/WAMZ.
The Hon. Minister urged the DG to get back to the rubrics of what ECOWAS member states are trying to achieve. He said the convergence criteria that were set are not aligned to the structures of our economies, especially the primary convergence criteria. He urged WAMA to start rethinking the way forward and to establish the building blocks to achieve convergence and proffer advice to Heads of States about making the structures of our economies integrate seamlessly.
Key areas to focus on include capital markets, banking regulation, harmonisation of data, region integration and the integration of interbank operations. The Hon. Minister pledged the support of the Ministry of Finance to WAMA and wished him all the best during his tenure.
In attendance were the Deputy Minister of Finance I, Kadiatu Allie, Deputy Minister II, Bockari Kalokoh and the Technical Adviser to the Minister, Dr. Franklin Sisabu Bendu. The DG’s delegation included Dr. Gradé Momèle Kipré and Dr. Mawuli Gaddah, the Directors of Financial Integration Department and Multilateral Surveillance Department, respectively.
