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CLASS: SS3
TOPIC: THE WEST AFRICAN CLEARING HOUSE
- History and membership
- Objectives
SUB-TOPIC: 1 History and membership
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.
SUB-TOPIC: 2 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.
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