SS3 Second Term Commerce Lesson Note – The West African Clearing House

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WEEK 2

SUBJECT: COMMERCE

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 14^th 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:

1. She promotes the use of currencies of member countries for intra-regional trade and other transactions
2. It brings about economics in the use of the foreign reserves of the member countries
3. It encourages the members to liberalize trade among themselves
4. It promotes monetary co-operation and consultation.

EVALUATION:

1. Describe the history of clearing house.
2. State 4 objectives of clearing house.

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