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The six member states of WAMZ are Gambia, Ghana, Guinea, Nigeria and Sierra Leone who founded the organisation together in 2000 and Liberia who joined on 16 February 2010. Apart from Guinea, which is francophone, they are all English-speaking countries.
The eco is the name for the proposed common currency of the Economic Community of West African States (ECOWAS). Plans originally called for the West African Monetary Zone (WAMZ) states to introduce the currency first, which would eventually be merged with the Euro-pegged CFA franc which is used by the French-speaking West African region within the West African Economic and Monetary Union (UEMOA).
State (57) [1] GNI [2] Currency [3] UN [4] AU [5] Interregional South African West African Central African East African North African CEN-SAD COMESA CEPGL SADC SACU ECOWAS UEMOA
The West African Economic and Monetary Union, generally referred in English to by its French acronym UEMOA (for Union Économique et Monétaire Ouest-Africaine) and alternatively as WAEMU, [1] is an treaty-based arrangement binding together eight West African states within the larger Economic Community of West African States, seven of which were previously colonies of French West Africa. [2]
The ECOWAS Court of Justice is an organ of the Economic Community of West African States (ECOWAS), a regional integration community of 15 member states in Western Africa. It was created pursuant to the provisions of Articles 6 and 15 of the Revised Treaty of the Economic Community of West African States (ECOWAS).
The African Economic Community (AEC) is an organization of African Union states establishing grounds for mutual economic development among the majority of African states. The stated goals of the organization include the creation of free trade areas, customs unions, a single market, a central bank, and a common currency (see African Monetary Union) thus establishing an economic and monetary union.
So far only three of the 53 member states of the African Union in 2009 have committed to using the currency (in 2022, the African Union has 55 members). [citation needed] Egypt, Eswatini, and Lesotho have logged reservations over the precise date of monetary union and have requested a two- to three-year delay. [8]
The Common Market for Eastern and Southern Africa (COMESA) is a regional economic community in Africa with twenty-one member states stretching from Tunisia to Eswatini. COMESA was formed in December 1994, replacing a Preferential Trade Area which had existed since 1981.