Sierra Leone's Ministry of Finance reported that Finance Minister Sheku Fantamadi Bangura has been elected Chairman of the West Africa Monetary Zone (WAMZ) Convergence Council of Ministers of Finance and Central Bank Governors at the Council’s 53rd meeting in Freetown on 14 February 2025. In remarks to ministers and central bank governors from Liberia, Ghana, Guinea, Nigeria and The Gambia, Bangura highlighted the impact of global shocks on the sub-region and pointed to Sierra Leone’s inflation declining to about 13.6%. He also referenced World Economic Outlook growth projections of around 3.2% for 2024–2025 and cited Sierra Leone growth rates of 3% and 3.3%, while noting that meeting WAMZ convergence targets remains critical to the single currency programme and its 2027 timeline. The update also notes Sierra Leone’s stated support for broader ECOWAS economic and trade protocols, including calls for investment in regional infrastructure and a reference to the Bank of Sierra Leone’s recently launched Instant Payment Switch; Bank of Sierra Leone Governor Ibrahim Stevens presented the 50th report of the Committee of Governors for the Council’s deliberation.
Ministry of Finance (Sierra Leone) 2025-02-17
Sierra Leone's Ministry of Finance announces Sheku Fantamadi Bangura elected chair of the West Africa Monetary Zone Convergence Council
Sierra Leone's Finance Minister Sheku Fantamadi Bangura was elected Chairman of the West Africa Monetary Zone (WAMZ) Convergence Council. At the 53rd meeting, Bangura highlighted global shocks' impact, Sierra Leone's inflation decline to 13.6%, and growth projections of 3% and 3.3%. He stressed meeting WAMZ convergence targets for the single currency programme and supported ECOWAS economic protocols and regional infrastructure investment.