West African Economic and Monetary Union (WAEMU) / Union Economique et Monetaire de l’ouest Africaine (UEMOA)

HISTORY AND PRESENT STATUS

Formerly known as the West African Monetary Union (WAMU/UMOA), the West African Economic and Monetary Union (UEMOA) was founded on 10 January 1994 in response to the devaluation of the common currency, the CFA Franc, on 11 January 1994. The Treaty establishing UEMOA (the Dakar Treaty of 10 January 1994) theoretically came into effect on 1 August 1994 after ratification by the seven member countries, thereby also replacing the since then dissolved West African Economic Union (WAEU/CEAO).

This new regional economic organisation was to a large extent the brainchild of Mr Charles Konan Banny, Governor of the Central Bank of West African States (BCEAO), whose experts have played a major role in establishing the guiding principles and institutional framework of UEMOA. Because of its important role in especially the initial phases of the establishment of the new Union, this Bank, as well as the West African Development Bank (BOAD) are and will remain inextricably linked to it.

The UEMOA Council of Ministers met in Ouagadougou on 6 August 1999, focusing on the economic situation within member states and trade relations between the union and other countries. The UEMOA Inter-Parliamentary Committee adopted a draft treaty on the creation of a regional parliament.

The UEMOA Summit convened in Lomé in December 1999, immediately prior to the ECOWAS Summit and announced the take off of their common monetary zone in January 2000.

RELEVANT TREATIES/PROTOCOLS ETC

Treaty establishing the African Economic Community
Protocol on relations between the African Economic Community and Regional Economic Communities
UEMOA Treaty

GENERAL COMMENTS

There is no formal contact between UEMOA and South Africa.