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Gambia News : Gambian leader leaves for ECOWAS summit in Abuja
Gambian leader Yahya Jammeh left Banjul Sunday afternoon on his way
to attend the ECOWAS summit scheduled to be held in Abuja on Monday.
Acording
to official sources, the ECOWAS smmit will be preceded by a summit of
heads of state of the member states of the West African Monetary Zone
(WAMZ), the five countries working towards the creation of a second
currency as a precursor to the emergence of a single regional currency,
of which President Jammeh is the current chair.
The summit will review the road map recently approved
by the WAMZ ministers of finance and governors of central bank for the
creation of the single currency.
The road map is said to outline the activities to be
undertaken ahead of the new date including the review and harmonization
of the convergence criteria, the harmonization of statistics and
domestic policies as well as the legal, accounting and statistical
frameworks of public finance.
It is to be recalled that between 2009 and the first
quarter of 2013, it is envisaged that the regulatory and supervisory
framework for banking and other financial institutions within the zone
will be harmonized while the payment system infrastructure for
cross-border transactions in all the member states will be completed
By 2014, it is expected that the legal instruments for
the creation of the WAMZ zone, comprising Ghana, The Gambia, Guinea,
Sierra Leone and Nigeria, would have been ratified with the creation of
the bank for the WAMZ zone as well as the establishment of the WAMZ
Secretariat and the envisaged West African Financial Supervisory Agency.
President Jammeh is expected back to Banjul on Tuesday.
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