By Amin Kef (Ranger)
Vice President of the Republic of Sierra Leone, Dr. Mohamed Juldeh Jalloh, has reaffirmed the country’s steadfast commitment to the West African Monetary Zone (WAMZ) and the broader ECOWAS single currency initiative. Speaking at the 53rd Meeting of the Convergence Council of Ministers and Central Bank Governors of WAMZ on Friday February 14, 2025 at the Freetown International Conference Centre in Freetown, he emphasized Sierra Leone’s dedication to fostering regional economic integration and stability.
Dr. Mohamed Juldeh Jalloh, who officially opened the high-level meeting, stressed the importance of strengthening regional economic ties and addressing stability challenges as crucial steps towards achieving a sustainable monetary union. The event brought together key financial leaders, including the Honourable Ministers of Finance of the WAMZ, other Ministers from the WAMZ, Central Bank Governors of the WAMZ, a representative of the ECOWAS Commission President, Director Generals of WAMA, WAMI and WAIFEM, the Chairman of the Technical Committee of the WAMZ, representatives of regional and specialized institutions, members of the diplomatic and consular corps, development partners, esteemed delegates from WAMZ member countries and members of the Press.
In his address, the Vice President extended a warm welcome on behalf of President Julius Maada Bio, inviting participants to appreciate Freetown’s rich history while engaging in critical discussions on financial cooperation. “Despite the setbacks we have faced, our resolve remains strong to advance the WAMZ single currency project and deepen regional integration,” he stated.
Dr. Mohamed Juldeh Jalloh acknowledged that various challenges have delayed the introduction of the ECOWAS common currency, including the Ebola outbreak, the COVID-19 pandemic and global economic disruptions stemming from the Russia-Ukraine crisis. However, he commended regional institutions such as the West African Monetary Agency (WAMA) and the West African Monetary Institute (WAMI) for their continued efforts in keeping the vision of monetary unification alive.
“Our commitment is not just in words but in action, as we continue implementing economic policies that support integration and stability,” he noted. He urged member states to remain resilient and collaborate effectively to realize the shared goal of a unified West African economy.
During his speech, Dr. Mohamed Juldeh Jalloh reflected on the long journey towards economic and monetary integration in West Africa, which began in the 1980s. He highlighted that the launch of a single currency for the WAMZ, comprising The Gambia, Ghana, Guinea, Nigeria, Liberia and Sierra Leone, has been postponed multiple times since the initial target dates of 2003, 2005, 2009, 2015 and 2020.
He emphasized that the primary objective of the single currency is to promote economic stability, boost trade and enhance the movement of people and capital, ultimately improving living conditions across the region. “We must acknowledge the invaluable role played by ECOWAS Heads of State, regional bodies and financial institutions such as the African Development Bank and ECOWAS Bank for Investment and Development (EBID) in driving this initiative forward,” he stated.
Dr. Mohamed Juldeh Jalloh underscored the significant economic and security challenges facing the region, including inflation, public debt, currency depreciation and insecurity threats. He called for a collective approach to tackling these issues through regional infrastructure projects, including road, rail, electricity and sea transportation networks.
“We must bolster efforts to tackle insecurity and counter terrorism to create a safe environment that attracts foreign investment and facilitates the free movement of people and goods,” he asserted. He also highlighted Sierra Leone’s progress in upgrading its national payment systems and establishing a regional payment system to promote seamless trade.
The Vice President detailed several economic reforms being implemented by the Government of Sierra Leone to support regional integration. These include:
- The Feed Salone Programme: A national initiative aimed at increasing domestic food production, reducing food prices and ensuring food security.
- Investment in Infrastructure: Expansion of roads and bridges linking Sierra Leone to neighboring Guinea and Liberia.
- Economic Stability Measures: Reforms under the International Monetary Fund (IMF) program to stabilize the economy.
- Education and Human Capital Development: The Government continues to allocate 20% of its national budget to education, preparing the workforce for a larger regional market.
- Financial Sector Innovations: Implementation of the National Payment Switch, facilitating interbank transactions and improving financial inclusion.
Dr. Mohamed Juldeh Jalloh reaffirmed Sierra Leone’s unwavering commitment to the WAMZ single currency project and the broader ECOWAS Monetary Union, which aims for full implementation by 2027. He encouraged further collaboration among member states to ensure the successful launch of the ECO, the proposed common currency.
“Despite the challenges, we must demonstrate resilience and unwavering dedication to realizing one of the dreams of the founding fathers of ECOWAS, the ECOWAS Monetary Union,” he concluded.
With Sierra Leone’s firm support for regional economic integration, the nation remains optimistic about the prospects of achieving a unified financial system that will drive sustainable growth and prosperity for West Africa.
