You must complete Economic Groupings in West Africa: ECOWAS to unlock this Lesson.
THE WEST AFRICA CLEARING HOUSE (WACH)
CONTENT
The West Africa Clearing House (WACH)
- History and Membership of the WACH
- Objectives of the WACH
The West Africa Clearing House (WACH)
History and Membership of the WACH
The West African Clearing House was established on 14th March, 1975 in Lagos after an agreement was signed by the governors of the central banks of Ghana, Nigeria, Sierra Leone, Gambia, Liberia, Burkina Faso, Cote d’Ivoire, Niger, Senegal and Togo. Besides, the above mentioned countries are the member countries of West African Clearing House.
The Clearing House is managed by three bodies, namely: The Exchange and Clearing Committee, consisting of the governors of the central banks of the member countries; the Executive Secretariat; and the sub-committees.
Objectives of the Clearing House
Below are the objectives:
- She promotes the use of currencies of member countries for intra-regional trade and other transactions
- It brings about economics in the use of the foreign reserves of the member countries
- It encourages the members to liberalize trade among themselves
- It promotes monetary co-operation and consultation.
You are viewing an excerpt of this lesson. Subscribing to the subject will give you access to the following:
- NEW: Download the entire term's content in MS Word document format (1-year plan only)
- The complete lesson note and evaluation questions for this topic
- The complete lessons for the subject and class (First Term, Second Term & Third Term)
- Media-rich, interactive and gamified content
- End-of-lesson objective questions with detailed explanations to force mastery of content
- Simulated termly preparatory examination questions
- Discussion boards on all lessons and subjects
- Guaranteed learning
ClassHall Instructor
Halima Ahmadu