WAMA Director General Boima Kamara Pays Courtesy Visit to Sierra Leone’s Finance Minister
On February 3, 2025, the newly appointed Director General (DG) of the West African Monetary Agency (WAMA), Mr. Boima Kamara, paid a courtesy visit to Sierra Leone’s Minister of Finance, Mr. Sheku Ahmed Fantamadi Bangura.
During the meeting, DG Kamara expressed gratitude for the Ministry of Finance’s continued support to WAMA and highlighted the importance of reviewing the timeline for the introduction of the single regional currency, the ECO. He noted the repeated postponements and emphasized the challenges member states face in meeting the four primary convergence criteria required for the currency’s launch.
Mr. Kamara further underscored the need to rethink the operational strategy for implementing the ECO and emphasized strengthening WAMA’s institutional capacity to emulate the role played by the European Monetary Institute in the establishment of the European Central Bank. He also sought the Minister’s assistance in rehabilitating the DG’s official residence, which he described as unsuitable for WAMA’s image and reputation.
Minister Bangura warmly welcomed DG Kamara to Sierra Leone and congratulated him on his new role. Drawing from his experience as a former staff member of the West African Monetary Institute (WAMI), the Minister acknowledged the challenges inherent in achieving a single currency under ECOWAS/WAMZ frameworks.
He stressed that the current convergence criteria are misaligned with the economic structures of member states and called for a strategic rethink. The Minister urged WAMA to lay the foundational steps necessary for successful integration, including fostering capital market development, harmonizing financial data, standardizing banking regulations, and integrating interbank operations.
In conclusion, Minister Bangura assured DG Kamara of the Ministry’s continued support and wished him success in his tenure.
The meeting was attended by Deputy Minister of Finance I, Mrs. Kadiatu Allie; Deputy Minister II, Mr. Bockari Kalokoh; and Technical Adviser to the Minister, Dr. Franklin Sisabu Bendu. DG Kamara was accompanied by Dr. Gradé Momèle Kipré and Dr. Mawuli Gaddah, Directors of Financial Integration and Multilateral Surveillance Departments, respectively.
