Talking Drums

The West African News Magazine

Fifth Summit Of West African Monetary Monetary Fund

The fifth conference of the West African Monetary Union (UMOA was held in Niamey last week under the Chairmanship of president Seyni Kountche. In attendance were Presidents from Benin, Ivory Coast Upper Volta, Senegal and a representative from Togo.

Benin President Mathieu Kerekou was elected as its next chairman.

The conference examined the report of activities of the governor of the Central bank of the West African States and those of the President of the West African Development Bank. The heads of state noted the development of the economic and monetary situation within member countries of the union which, in spite of the relative improvement of the international economy, has been deeply affected by worsening climatic conditions and the difficulties encountered in the sale of basic products.

After examining the results of monetary policy since the reform of the organs of the monetary union in 1975 and the implementation of the financing strategy for integrated development in December 1982 in Yamoussoukro, the heads of state noted with satisfaction the progressive strengthening of adjustment measures decided upon by member states and the Central Bank of the West African States since the beginning of the crisis.

Also in Niamey was the ninth summit of the West African Economic Community (CEAO).

Responding to an appeal of the sixth conference of heads of state of the ECOWAS, which met from 26th to 31st May 1983 in Conakry, the conference reaffirmed the full and total membership of the CEAO in the ECOWAS and their adherence to ECOWAS principles, especially the establishment of a customs union and the free movement of goods and peoples of member states.

It considered that the existence of CEAO was not an obstacle to the implementation of the decisions of ECOWAS and stressed that the experience acquired by the CEAO in the field of sub regional co-operation should be consolidated and placed at the disposal of ECOWAS to improve its services.

talking drums 1983-11-07 which is the voice of the people