After five days of discussions, the 58th Meeting of the Technical Committee of the West African Monetary Zone (WAMZ) concluded in Monrovia, Liberia. The event, held from February 4 to 8, 2026, brought together experts from central banks and finance ministries of member states including The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone.
The West African Monetary Institute (WAMI), established in 2001, continues its work toward a regional monetary union and the launch of a single currency known as the Eco. WAMI conducts regular assessments on macroeconomic convergence and works to harmonize fiscal and monetary policies among member states.
Hon. Dehpue Y. Zuo, Deputy Minister at Liberia’s Ministry of Finance and Development Planning, welcomed delegates by reminding them that the goal to launch the Eco is guided by a roadmap set by regional leaders in 2021. He urged members to maintain strong economic policies and support Liberia during its chairmanship.
Outgoing Chairman Matthew Dingie, Financial Secretary at Sierra Leone’s Ministry of Finance, thanked WAMZ member states and WAMI staff for their cooperation during his term. He commented on recent global economic challenges: “He noted the challenging global economic environment in 2025, characterised by persistent policy uncertainty, rising protectionist trade measures, and increasing fragmentation of global economic activity, continued to strain growth.”
Dingie reported that real GDP growth in WAMZ reached an estimated 5 percent in the first half of 2025—up from 3.7 percent over the same period in 2024. He highlighted improvements among member states in meeting agreed convergence criteria despite ongoing external pressures.
Discussing Sierra Leone’s economy specifically, Dingie said it has shown resilience with broad-based growth and easing inflation. Fiscal performance improved with a decline in public debt-to-GDP ratio due to macroeconomic reforms: “On recent developments in Sierra Leone, the Financial Secretary stated that the economy has shown resilience and is experiencing broad-based economic growth, with easing inflation and improved fiscal performance, particularly the decline in the public debt-to-GDP ratio, supported by sound macroeconomic policies and reforms. He acknowledged the continued stability in the exchange rate, improved current account position amidst pressures on foreign exchange reserves.”
Sierra Leone met two out of four primary convergence criteria—fiscal deficit and central bank financing—compared to one criterion met previously. Central bank financing fell significantly within target limits while fiscal deficit remained below threshold levels.
Dr. Abdulsalam Sikiru Abidemi, Director General of WAMI stated: “While presenting his report…as of end June 2025 no WAMZ Member State met all four primary criteria. The Gambia Ghana and Nigeria fulfilled all criteria except inflation target Guinea and Sierra Leone each met two criteria while Liberia met one.”
Presentations at the meeting included reports on macroeconomic developments up to June 2025; legal issues around ECOWAS monetary union; budget planning for financial year 2026; integration efforts for regional debt markets; payments systems; as well as updates from various supervisory colleges overseeing banks and insurance entities within WAMZ.
With this meeting concluded, Mr. Alimamy Bangura—Chief Economist at Sierra Leone’s Ministry of Finance—will chair upcoming joint technical committee meetings involving other regional monetary agencies from February 9-11. Dr. Samuel Bonzu (Director Macro-Fiscal Policy Division) and Mr. Alhaji Abu Komeh (Acting Director Research & Delivery Division) will also participate.