Sierra Leone’s Ministry of Finance, through Financial Secretary Matthew Dingie, reiterated that the government remains committed to fulfilling the requirements for joining the West African Monetary Zone (WAMZ) monetary union in 2027. The remarks were made after Dingie was elected chair of the WAMZ Technical Committee during the WAMZ statutory meetings being hosted in Freetown. The update noted that, as of the end of June 2024, no WAMZ member country met all macroeconomic convergence criteria, while pointing to progress in other regional integration work, including upgrades and integration of national payment systems, development of domestic capital and debt markets, implementation of the ECOWAS Trade Liberalization Scheme, harmonisation of economic statistics and implementation of protocols on free movement and establishment. Dingie highlighted Sierra Leone’s recent fiscal policy focus on consolidating public finances through stronger domestic revenue collection and expenditure rationalisation, while Bank of Sierra Leone Deputy Governor Joe Tucker pointed to prudent policies and structural reforms, including under IMF-supported programmes, as a basis for improved convergence performance going forward. Participants from the ECOWAS Commission and the West African Monetary Institute encouraged delegates to reach consensus on critical issues to better prepare WAMZ member states to address structural challenges and advance further integration, including work towards establishing the ECO.

Original source Back to tracker