West African Clearing House
West African Clearing House (WACH) is form on July 1, 1976 was largely due to the efforts of the Governors of the Central Banks in West Africa to find a solution to one of the obstacles to trade among West African countries.
Aims and Objectives of West African Clearing House
- To bring about effective use of members foreign reserves.
- To encourage and promote the use of the currencies of member nations for sub-regional transactions.
- To bring about positive cooperation of members on monetary matters affecting the sub-region.
- To encourage free trade among member states of ECOWAS
The Achievement of West African Clearing House
The achievement of the West African Clearing House which is basically the facilitation of trade among member nations depends on:
- Unalloyed support and cooperation of all member nations of the organization;
- Regional business communities and financial houses using its facilities effectively to succeed.