West African nations mull second monetary zone

Representatives of six West African nations are currently meeting in Guinea capital, Conakry, to discuss the possibility of forming a second West African Monetary Zone (ZMAO).

Representatives from Gambia, Ghana, Nigeria, Liberia, Sierra Leone and Guinea attending the meeting said the new monetary union will help to boost regional integration.

The Conakry meeting, which began on Friday and is set to end on Aug. 5, is aimed at "evaluating the monetary cooperation program of the Economic Community of West African States, which is under the responsibility of the West African Monetary Agency."

ZMAO technical committee has a heavy task of examining the progress made on previous recommendations and steps that have been accomplished towards creating the second monetary zone.

Recommendations from the meeting will be submitted to a committee of Central Bank governors from the concerned member states.

In 2000, the West Africa Monetary Zone was created through the Accra Declaration.

(APD)