Overview of WAMI
Implementation of WAMZ Policy as may be prescribed by the Authorities and providing leadership and direction in the day to day functioning of the Institute.
1.1 LEGAL SERVICES UNIT
The Legal Department acts as legal advisor to the West African Monetary Institute (WAMI) and the West African Monetary Zone (WAMZ). The Department is responsible for the preparation of the legal instruments necessary for the actualization of the monetary union.
1.2 INTERNAL AUDIT UNIT
To give objective and independent assurance on the overall conduct of the Institute’s activities and programmes through the various departments for the achievement of the objective of WAMI using a systematic and coherent approach, as well as providing consulting services as required.
2. MULTILATERAL SURVEILLANCE AND TRADE DEPARTMENT
2.1 MULTILATERAL SURVEILLANCE
The Multilateral Surveillance Department develops the mechanism for efficient and timely surveillance of the macroeconomic performance of WAMZ Member States. The Department also monitors and reports periodically on macroeconomic developments in the WAMZ, including early warning signals where there are adverse developments. It also collaborates with other departments in the discharge of its mandate and coordinates the functions of desk officers assigned to each Member State.
2.2 TRADE & Regional Integration
Assess the extent of trade integration in the WAMZ and efforts by member countries at trade integration in ECOWAS, including assessment of level of trade facilitation infrastructure in the WAMZ: customs procedures, transportation, telecommunication, energy, and transit routes. Also, promote compliance by member countries with ECOWAS trade-related protocols and policies for a deeper free trade area in the WAMZ towards the WAMZ monetary integration process.
3. RESEARCH AND STATISTICS DEPARTMENT
The objective of the Department is to provide proactive support to the Institute’s work programme. The Department is made up of two (2) divisions, namely: Research and Policy Analysis Division and the Statistics Division.
3.1 Research and Policy Analysis Division
The core functions of the division are to: conduct empirical proactive research on contemporary issues of relevance to the WAMZ programme; carry out analysis and synthesis of macroeconomic policies in the WAMZ Member States; harmonize fiscal and monetary policies in the WAMZ; develop the monetary policy framework and strategy for the West African Central Bank (WACB); and carry out the production of the Institute’s statutory publications.
3.2 Statistics Division
The objectives of the Statistics Division are the harmonization of macroeconomic statistics for convergence surveillance; and the development of the statistical architecture and that will support the common monetary policy operations of the West African Central Bank (WACB).
4. FINANCIAL INTEGRATION
4.1 FINANCIAL INTEGRATION
Operationalize and issue the Eco currency, ensure financial sector integration and the use of WAMZ national currencies in bilateral intra-regional trade financing. To articulate the framework for the introduction of the Eco, foreign exchange management of the zone and reserve management.
4.2 PAYMENTS SYSTEM
The Payments System division aims to establish a safe and efficient payments system, promote the development of the payments system of the WAMZ, and financial sector integration in the WAMZ. The division also manages the AfDB sponsored $30 million WAMZ Payments Systems project in 4 beneficiary countries: The Gambia, Guinea, Sierra Leone, and Liberia.
5. CORPORATE SERVICES DEPARTMENT
Manage the human and financial resources of the Institute in order to ensure the right environment for the effective discharge of the mandate of WAMI. The Department is made up of two (3) divisions, Finance Division, Administration Division and Information Communication & Technology Division.
5.1 Finance Division
Efficiently manage the Institute’s financial resources as well as the WACB and SCF funds, maintain an adequate system for keeping financial records and preparing the financial statements and other financial reports for decision making.
5.2 Administration Division
To provide personnel, administrative services and logistics support for the Institute’s activities.
5.3 ICT Division
The ICT division aims at facilitating the work of all other Departments of the Institute. It is expected to acquire and provide support for all types of hardware and software tools that may be required for achieving the Institute’s goals efficiently. To this end, the Department provides and ensures support for a cost-effective access to the Internet for services like Net-Browsing Messaging and, not least, Web-page maintenance of the Institute’s web-site.