| Organisation |
West African Monetary Union |
| Alternate Name |
UMOA - Union Monétaire Ouest Africaine |
| Abbreviation |
WAMU |
| Parent |
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| u.r.l. |
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| email |
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| Country |
Burkina Faso |
| Location |
Ouagadougou |
| Address |
BCEAO AVENUE ABDOULAYE FADIGA -, Ouagadougou |
| Postal Address |
B.P. 3108 DAKAR |
| Telephone |
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| Management u.r.l. |
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| Fax |
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| Sector |
Regional Economic Organisations |
| Organisation Type |
African Multilateral |
| Status |
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| Stated Role |
The West African Monetary Union is an organization of eight states of West Africa that share a common currency, Franc of the African Financial Community (CFA F), which is issued by the Central Bank of West African States (BCEAO). |
| Activities |
The organs ensuring the administration of WAMU are :
--The Conference of Heads of State (the supreme authority of the Union) decides on the accession of new members and settles any matter that the Council of Ministers of the Union has referred to it.
--The Council of Ministers ensures the management of the Union. Each member State is represented in the Council by two Ministers, but only the Minister of Finance is entitled to vote ;
--The Banking Commission, and ;
--The Savings and Financial markets Regional Council.
The Council of Ministers is the organ that defines the monetary and credit policy of the Union in order to safeguard the value of the common currency and to provide for the financing of the activities and economic development of the States of the Union.
It notably approves the clearing and payment agreements between the common central bank and foreign central banks which are intended to facilitate the external payments of the member States of the Monetary Union.
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| Geographical Focus |
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| Notes |
States member of WAMU
WAMU currently comprises : Benin, Burkina Faso, Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo. [ Retrieved on 15 OCT 2008 - http://www.bceao.int/internet/bcweb.nsf/... ] |