Sierra Leone's Ministry of Finance urges a rethink of the ECO single currency timeline and convergence framework in talks with West African Monetary Agency chief

Sierra Leone’s Ministry of Finance published a readout of a courtesy call by West African Monetary Agency (WAMA) Director General Boima Kamara on Minister of Finance Sheku Ahmed Fantamadi Bangura, which focused on the delayed introduction of the ECOWAS single currency (ECO) and difficulties in meeting the primary convergence criteria. The discussion highlighted the need for member states to review the ECO timeline and reconsider the approach to operationalising the single currency after repeated postponements. Kamara pointed to challenges in achieving the four primary convergence criteria and emphasised capacity strengthening for WAMA so it can play a role comparable to the European Monetary Institute in the lead-up to the European Central Bank. Bangura, citing his experience as a former staff member of the West African Monetary Institute, argued that the convergence criteria are not aligned with the structures of member economies and urged WAMA to rethink the way forward by establishing practical building blocks for convergence and advising Heads of State, with focus areas including capital markets, banking regulation, data harmonisation, regional integration and the integration of interbank operations.