The Summit of West Africa Monetary Zone (WAMZ) has resolved that adequate preparation and time were necessary before the launching of the monetary union.
It said the December 2009 dateline is not feasible for the start of the single currency and monetary union in the WAMZ.
A communiqué issued at the end of its 9th summit of the Heads of State and Government of the WAMZ /img]in Abuja, Nigeria’s capital said the summit has committed itself to the achievement of macroeconomic stability and convergence as a necessary condition for launching the WAMZ monetary union.
It added that the summit deliberated on the effects and consequences of the global financial crisis on the economies of the WAMZ and considered its implications on the launching of the monetary union.
According to the communiqué, the summit also extended the period for the completion of the establishment of the common central Bank (West African Central Bank) from January 2010 to June 2014 or earlier as may be determined by the Authority of Heads of State.
It also resolved to work for the launching of the WAMZ Monetary Union on or before January 1, 2015 and adopted an Action Plan in the State of Preparedness Report to be implemented by Member States over the extended period, (2009 - 2015) to achieve convergence as well as structural and institutional benchmarks under the Banjul Action Plan, Extension of the mandate of WAMI from 2010 to 2015.

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