Financial Secretary Concludes Chairmanship of WAMZ Technical Committee.

Financial Secretary Matthew Dingie has officially handed over chairmanship of the West African Monetary Zone (WAMZ) Technical Committee following conclusion of its 58th meeting in Liberia's capital. The five-day gathering, held February 4–8, brought together technical experts from member states including The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone, alongside representatives from regional institutions.

The Technical Committee deliberated extensively on accelerating the region's monetary integration framework. Discussions cantered on progress toward establishing a single currency, the Eco a vision championed by the West African Monetary Institute (WAMI) since its establishment in 2001. WAMI has consistently conducted multilateral macroeconomic convergence assessments, harmonized monetary and fiscal policy frameworks, and promoted financial system integration across the sub-region.

Liberia's Deputy Minister for Economic Management, Hon. Dehpue Y. Zuo, delivered welcome remarks reminding delegates of the 2021 ECOWAS Heads of State roadmap for launching the Eco. He urged member states to sustain sound macroeconomic policies, deepen cooperation toward the 2027 single-currency target, and support Liberia's tenure as incoming Technical Committee Chair.

Outgoing Chairman Dingie expressed appreciation to member states and WAMI leadership for their cooperation throughout his tenure. He acknowledged persistent global economic challenges including policy uncertainty, rising protectionist measures and fragmentation of global activity.

Despite these headwinds, Dingie reported encouraging regional performance—WAMZ recorded estimated real GDP growth of 5.0 percent during first-half 2025, up from 3.7 percent during the same 2024 period. Member states demonstrated improved compliance with agreed macroeconomic convergence criteria.

Sierra Leone's economy exhibited remarkable resilience according to the Financial Secretary's update. Broad-based growth characterized the period alongside easing inflation and strengthened fiscal performance. Notable achievements included reduced public debt-to-GDP ratio and sustained exchange rate stability, despite foreign reserve pressures.

Dingie disclosed Sierra Leone met two primary convergence criteria during first-half 2025 fiscal deficit and central bank financing of fiscal deficit marking improvement from one criterion met during first-half 2024. Central bank financing of fiscal deficit declined significantly to 8.1 percent of previous year's tax revenue, down from 21.3 percent in 2024, comfortably below the 10 percent ceiling. The fiscal deficit narrowed to 1.8 percent of GDP, maintaining position within the 3.0 percent threshold.

WAMI Director-General Dr. Abdulsalam Sikiru Abidemi presented convergence assessments revealing no member state met all four primary criteria as of June 2025. The Gambia, Ghana and Nigeria satisfied all criteria except inflation. Guinea and Sierra Leone achieved two criteria each, while Liberia met one.

Additional agenda items addressed macroeconomic developments, legal frameworks for ECOWAS monetary union, WAMI's 2026 work programme and budget, debt and capital markets integration, and payment system reforms. Reports from supervisory colleges covering banking, non-bank financial institutions and insurance sectors were also presented.

Following Technical Committee conclusion, Sierra Leone's Chief Economist Alimamy Bangura assumes chairmanship of the Joint Technical Committee of the Economic and Monetary Affairs Committee of WAMA and the ECOWAS Commission's Macroeconomic Policy Technical Committee, meeting February 9–11, 2026.

The Ministry of Finance delegation includes Director of Macro-Fiscal Policy Dr. Samuel Bonzu and Acting Director of Research and Delivery Alhaji Abu Komeh.

Senoir Correspondent-Hawanatu F. Bockari

Ministry of Finance

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