The West African Monetary Union (WAMU)

The West African Monetary Union is characterised by the recognition of a common monetary unit , the Franc of the African Financial Community (CFA F), which is issued by the Central Bank of West African States (BCEAO). WAMU currently comprises : Benin, Burkina Faso, Guinea Bissau, Côte d'Ivoire, Mali, Niger, Senegal and Togo.

The organs ensuring the administration of WAMU are :
• The Conference of Heads of State ;
• The Council of Ministers ;
• The Banking Commission, and ;
• The Savings and Financial markets Regional Council.

The Conference of Heads of State is the supreme authority of the Union. It decides on the accession of new members and settles any matter that the Council of Ministers of the Union has referred to it.
The Conference of Heads of State meets at least once a year in ordinary session and as often as necessary in extraordinary session.
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 Council of Ministers takes decisions by unanimous vote in matters in which it is empowered to act under the provisions of the Treaty establishing WAMU and
the Statutes of BCEAO, as well as in any matters that the Governments of the member States of the Union may agree to refer to it for study or decision. These decisions must be in keeping with the international commitments of the States of the Union.

The Council of Ministers 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.

The Council of Ministers meets on a quarterly basis in ordinary session and as often necessary in extraordinary session.

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