A Ghanaian parliamentary delegation led by the Chairman of the Economy and Development Committee, Eric Afful, is participating in high-level regional economic discussions at the Joint ECOWAS Statutory Meetings taking place in Monrovia, Liberia from 4 to 13 February 2026.
The meetings, which bring together the Economic Community of West African States (ECOWAS) Commission and key regional monetary and financial institutions including the West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), and the West African Institute for Financial and Economic Management (WAIFEM), are focused on advancing solutions to financial and economic challenges confronting West Africa.
Mr Afful, who is also the Member of Parliament for Amenfi West, is leading a delegation that includes the Member of Parliament for Kwabre East, Akwasi Gyamfi Onyinaa Acheampong, and the Member of Parliament for Manso Nkwanta, Tweneboa Kodua Fokuo.
The meetings began on Wednesday, 4 February, with the opening of three key sessions including the College of Supervisors of the West African Monetary Zone (CSWAMZ), WAIFEM, and the College of Insurance Supervisors of the West African Monetary Zone (CISWAMZ).
Discussions are focused on strengthening cross-border financial supervision, improving information sharing among regulators, and ensuring coordinated policy responses to emerging risks in the sub-region. Directors of Banking Supervision and senior financial regulators from across West Africa are examining frameworks for risk-based supervision, harmonized regulatory standards, and crisis management as regional financial systems become increasingly interconnected.
Speaking in an interview about the ongoing meeting, Mr Afful highlighted the importance of strong parliamentary involvement in the ECOWAS integration process. He noted that the success of regional agreements ultimately depends on domestic legislation, policy coherence, and effective parliamentary oversight.
The role of parliaments is central to the implementation of these frameworks, particularly through law-making, budgetary scrutiny, and accountability, Mr Afful stated. He said Ghana remains committed to supporting ECOWAS initiatives that promote economic growth and financial stability across the region.
Key issues under review include the performance of member states on macroeconomic convergence criteria, particularly inflation control, fiscal discipline, public debt management, and central bank financing of government deficits, all considered essential foundations for a credible monetary union.
Regional financial experts have acknowledged that while economic growth across the West African Monetary Zone (WAMZ) has shown signs of improvement, no member state has yet met all the primary convergence benchmarks, highlighting the need for stronger coordination, fiscal discipline, and policy reforms.
The high-level segment of the meetings will culminate with the Committee of Governors of Central Banks on 12 February and the Convergence Council of Ministers of Finance and Central Bank Governors on 13 February, both to be held at the Farmington Hotel in Margibi County.
Another major focus of the ongoing meetings is financial sector integration, including the management of non-performing loans, climate-related financial risks, and the strengthening of banking and non-bank financial supervision across borders.
Participants are also discussing the future of cross-border payment systems, with particular emphasis on the Pan-African Payment and Settlement System (PAPSS), which aims to reduce transaction costs, improve trade settlement, and deepen financial inclusion within ECOWAS and across Africa.
The Ghanaian delegation is contributing to deliberations on the role of digital financial infrastructure, regulatory sandboxes, and central bank digital currencies as part of broader efforts to modernize financial systems and enhance resilience in the face of technological and cyber risks.
The meetings are taking place against a backdrop of global economic uncertainty, including geopolitical tensions and commodity price volatility. Despite these challenges, ECOWAS economies have demonstrated resilience, with regional growth estimated at 4.8 percent in 2025 and projected to reach 5.0 percent in 2026, according to Central Bank of Liberia Executive Governor Henry F Saamoi.
Mr Boima Kamara, Director General of WAMA, disclosed at the 2nd Ordinary Joint Meeting of the Economic and Macroeconomic Policy Technical Committee of ECOWAS and the Operations and Administration Committee of WAMA held on Monday, 9 February, that under the revised roadmap, WAMA is responsible for 78 out of 135 activities representing 58 percent of the total activities toward the ECO single currency launch.
The proposed ECO single currency is a cornerstone of ECOWAS long-standing strategy to promote economic integration, improve intra-regional trade, and reduce exchange rate risks among its 15 member states. First proposed more than two decades ago, the initiative aims to establish a monetary union comparable to the Eurozone.
Mr Kamara acknowledged delays in the implementation of some activities but stressed that WAMA has mobilized all available human and financial resources to accelerate delivery. He revealed that by the end of the 2025 statutory meetings in Monrovia, 22 of the 64 activities would have been completed.
Governor Saamoi disclosed that four member states met all four primary convergence criteria in 2025, compared to two in 2024, while progress has been made in reserve pooling and capitalization of the proposed Central Bank of West Africa. He acknowledged, however, that gaps remain, particularly in funding the ECOWAS payment and settlement system and determining the location of the Central Bank headquarters.
As one of the leading economies in the sub-region, Ghana’s parliamentary presence at the ongoing ECOWAS meetings is widely seen as reinforcing the political commitment and legislative backing required to drive regional economic reforms.
The Monrovia meetings have attracted central bank governors, ministers of finance, senior technical experts, and development partners from across West Africa, all working toward strengthening the region’s financial architecture amid global economic uncertainty, rising debt pressures, and climate-related vulnerabilities.
ECOWAS comprises 15 member states including Benin, Burkina Faso, Cape Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.
