The council of West Africa's Central Bank has meet in Senegal to discuss the area's economic problems and development plans.
The council of West Africa's Central Bank has meet in Senegal to discuss the area's economic problems and development plans. The Bank's administrators, representing seven West African countries, met at the bank's headquarters in Dakar on Thursday (30 March).
SYNOPSIS: The Central Bank of West African States is the linchpin of the West African Monetary Union, which oversees general economic development in the region. The agreement, by which member states pool resources, dates from 1962 and meetings like this one are held regularly. France is in an economic partnership with the Monetary Union, and has two representatives on the Central Bank's administrative council. Other delegates were from Upper Volta, Niger, Senegal, Togo, Benin and the Ivory Coast. They discussed developments arising from crucial monetary talks last December, when economic ministers of the region met at Ougadougou in Upper Volta.
They reviewed the current economic situation of member states and discussed the extent to which the objectives set for last year had been realised. The world economic recession was also examined, in the context of its effects on West Africa and trade between member states and the rest of the world.