In December 2010, the ACBF Executive Board approved a grant of US$ 2 million to fund the Capacity Building Project For The West Africa Monetary Institute (CAP-WAMI). The mission of the Institute is to undertake preparatory activities towards the establishment of the West African Central Bank (WACB), and the launching of a common monetary union for the West African Monetary Zone (WAMZ).
The overall objective is to contribute to strengthening the capacity of WAMI and its member countries in order to undertake preparatory activities for WAMZ monetary union aimed at enhancing compliance for macroeconomic convergence by 2015. The specific objectives are to: strengthen WAMI’s capacity to improve macroeconomic surveillance and statistical harmonization; and develop the human and institutional capacity within WAMI to achieve optimal performance levels that will assist in laying a solid foundation for the takeoff of the WAMZ institutions.
