West African Economic and Monetary Union

The West African Economic and Monetary Union, generally referred in English to by its French acronym UEMOA and alternatively as WAEMU, is a treaty-based arrangement binding together eight West African states, seven of which were previously colonies of French West Africa. It was established to promote monetary and financial stability as well as economic integration among countries that share the West African CFA franc as a common currency. From 1962 to 1994, it was known as the West African Monetary Union.