ECOWAS strengthens the harmonization of monetary and financial statistics to support regional economic integration

Sierra Leone Telegraph: 03 November 2026:

The Economic Community of West African States (ECOWAS), through its Commission and in collaboration with the West African Monetary Agency (WAMA), opened the meeting of the Committee of Experts on the Harmonization of Monetary and Financial Statistics yesterday, Monday in Lomé.

Scheduled for November 2–7, 2026, this meeting aims to advance the harmonization of methods for compiling and presenting monetary and financial statistics within the ECOWAS region.

The opening ceremony of this meeting attended by officials and experts responsible for compiling monetary and financial statistics at the central banks of ECOWAS member states, as well as representatives of the ECOWAS Commission and WAMA, featured remarks by the Director General of WAMA, the ECOWAS Commissioner for Economic Affairs and Agriculture, the co-chair of the ECOWAS–WAMA Committee of Experts, and the representative of the Central Bank of West African States (BCEAO), who serves as chair of the ECOWAS–WAMA Committee of Experts.

In his welcoming remarks, Mr. Boima S. KAMARA, Managing Director of WAMA, said that this workshop serves as a valuable platform enabling experts from across the region to exchange experiences, assess existing gaps, identify practical solutions, and reach a common understanding of the measures needed to improve the quality and harmonization of monetary and financial statistics. He emphasized the strong collaboration between WAMA and the ECOWAS Commission, which he described as an essential pillar of efforts to deepen monetary integration in the region.

Speaking on behalf of Mr. Dehpue Yenpea ZUO, Commissioner for Economic Affairs and Agriculture, Mr. Samson Bel-Aube NOUGBODOHOUE, Director of Research and Statistics at the ECOWAS Commission, highlighted the strategic role of statistical data in the implementation of Community policies. “We cannot build a common monetary future on fragmented statistical systems. The harmonization of monetary and financial statistics is a strategic requirement for the future of our community and an essential prerequisite for the success of our monetary integration ambition,” he stated.

For his part, the Co-Chair of the ECOWAS–WAMA Committee of Experts, Mr. Augustine Ngombu, Head of Monetary and Financial Statistics at the Central Bank of Sierra Leone, emphasized the technical and operational aspects of the meeting. He urged participating to rigorously review the draft regional metadata framework, share national experiences, and formulate actionable recommendations. “Our responsibility is to ensure that the proposed regional framework addresses the realities faced by central banks and enables more harmonized, comprehensive, and consistent statistical production,” he said.

Ms. Fanta Sow Coulibaly, Deputy Director of the Monetary Policy and International Relations Department at the Central Bank of West African States (BCEAO) and Chair of the ECOWAS–WAMA Joint Committee of Experts, detailed in her speech the workshop’s four main technical areas of focus and outlined the concrete results expected. “These outcomes should provide clear guidance to statisticians responsible for compiling data and an operational basis for monitoring at the national and regional levels. Their impact will ultimately depend on their effective implementation, supported by ongoing cooperation, capacity building, and regular monitoring,” stated Ms. Coulibaly, who then officially opened the workshop.

During the meeting, the experts will review and finalize the draft regional metadata framework developed by the WAMA for the compilation of ECOWAS monetary and financial statistics. They will also review the metadata practices of the Central Bank of West African States (BCEAO), the Central Bank of Nigeria, and the Bank of Ghana to identify constraints and define appropriate operational mechanisms.

Discussions will focus, in particular, on the disaggregation of non-resident institutional units between the rest of the world and countries in the ECOWAS region, by sector and financial instrument.

The experts will also examine the regional monetary and financial statistics compiled by the WABA, as well as progress made in implementing the regional action plan adopted in January 2025.

This action plan calls, in particular, for expanding statistical coverage to include other systemically important financial institutions, improving data on interest rates applied to new loans and deposits based on weighted averages, and strengthening the breakdown of loans by economic sector in accordance with the ISIC Rev. 4 international classification. It also addresses the classification of loans by currency and interest rate, as well as the collection of historical data on exchange rates for the region’s currencies.

Upon completion of the work, participants are expected to agree on a revised and validated regional metadata framework, accompanied by technical recommendations for its implementation. The meeting will also serve to assess the progress of the regional action plan, strengthen regional monetary and financial statistics, and adopt a final report.

These efforts will help improve the availability, comparability, and quality of the statistics needed to analyse monetary and financial developments, monitor macroeconomic convergence, and deepen regional integration.

By strengthening common statistical tools and cooperation among central banks and regional institutions, ECOWAS and WAMA aim to support the implementation of economic policies based on reliable and comparable data.