Africa-Press – Liberia. The Director General of the West African Monetary Agency (WAMA), Boimah Kamara, has outlined the agency’s recent achievements and ongoing challenges in advancing ECOWAS monetary integration.
Speaking at the 2nd Joint TECOM Meeting, Mr. Kamara highlighted major milestones, such as the drafting of the ECOWAS Solidarity and Stabilization Fund and the completion of a study on capital and reserve distribution.
Despite these advances, Mr. Kamara acknowledged significant delays in implementing the ECOWAS Single Currency Roadmap—reporting that only 22 out of 64 planned activities had been completed as of the 2025 End-Year Statutory Meetings.
He emphasized that WAMA is prioritizing the rollout of the ECOWAS Payments and Settlement System (EPSS) and the operationalization of the ECOWAS Exchange Rate Mechanism (EcERM) to accelerate progress.
To enhance agency governance and operations, WAMA has introduced internal reforms, including weekly Senior Management Meetings and a Staff of the Month Program. Mr. Kamara also noted the ECOWAS Commission’s commitment to launching the Eco currency by 2027, though some experts question the feasibility of this timeline given ongoing delays in meeting the convergence criteria.
WAMA anticipates completing 20 additional activities in the first half of 2026, with continued focus on the ECO payments and settlement system, harmonization of capitalization policies, and operationalization of the ECO exchange mechanism. Addressing funding constraints and timeline pressures, Mr. Kamara called for collective sacrifices from all stakeholders to meet the 2027 target.
External partners, including the African Development Bank and the International Monetary Fund, have provided support for WAMA’s payment system project and current account liberalization study, respectively. Overall, WAMA’s progress underscores its commitment to advancing regional economic integration and monetary cooperation in West Africa.
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