According to Commerce Ministry dispatch, the Minister of Commerce and Industry, Axel M. Addy, as Chairman of the 8th eight West Africa Monetary Zone (WAMZ) Trade Ministers forum convenes colleagues, officials of central banks, and ministers of finance to Liberia.
The forum will be preceded by a technical committee meeting on number 2-3, 2016, which will form the basis of the ministers meeting. The theme for the forum is opportunities for development through regional trade integration.
The forum is an annual event convened by the west African monetary institute (WAMI) and hosted by the member states of the WAMZ on a rotation basis with the first edition been hosted by the Gambia in 2008, second Ghana 2009, third Nigeria 2010, fourth Sierra Leone 2011, fifth Ghana 2012, sixth Guinea 2013, seventh Gambia 2015, and the eight Liberia 2016.
The 8th WAMZ Trade Ministers forum was constituted during the WAMZ convergence of council of ministers and governors of the central banks at the 17th meeting in Banjul, the Gambia on May 6th 2015 as a means of expanding the work programmme for the West African monetary institute (WAMI) to include trade integration and regional development.
The inclusion of trade integration was borne out of the recognition by WAMZ authorities, the importance of effective trade integration for economic and monetary integration. The authority therefore mandated WAMI to promote intra WAMZ and regional trade.
The forum not only provides opportunity to share country experiences on cross border trade issues, but also offers a high level platform that peer reviews members status of implementation of ECOWAS trade integration commitments with a view to achieving WAMZ trade integration goals.
The West Africa monitoring institute was set up in Accra, Ghana, in January 2001 and began operations March to undertake technical preparations for the establishment of a common West Africa Central Bank and the launching of a single currency for the West Africa Monetary Zone (WAMZ/Zone).