The first summit conference of the West African Monetary Union (UMOA) opened in Lome, capital of Togo on Friday (11 October), to discuss the location of the Union's Central Bank (BCEAO) and its affiliated Development Bank (BOAD).
MV Motorcyclists escorting President Eyadema in open car (2 shots)
SV Banner of welcome acrooss road
MV Eyadema & other Chiefs of State walking to conference building
MV Cheering children welcome Eyadema and Chiefs of State inside conference building
SV Eyadema and Chiefs of State seated at table
CU Houphet-Boigny signing agreement
MV Senghor signing
MV Lamizana signing
CU&MV Chiefs of State signing
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Background: The first summit conference of the West African Monetary Union (UMOA) opened in Lome, capital of Togo on Friday (11 October), to discuss the location of the Union's Central Bank (BCEAO) and its affiliated Development Bank (BOAD).
The session, attended by the heads of state of the six member countries - Ivory Coast, Dahoms, Upper Volta, Niger, Senegal and Togo - was also to name the government of the two institutions.
Opening the conference, President Gnassingbe Eyadema of Toga said that members had to take "a few fundamental decisions without which the functioning of the new institution could be hampered". He stressed that the structures established by the conference would have to be able to adapt to a repidly changing situation, in view of the problems of world inflation.
President Felix Houphouet-Boigny of the Ivory Coast thanked the French authorities for their assistance in establishing the Development Bank, which he called "this priviliged growth instrument."
The Monday Union's Central Bank will be established in Dakar, capital of Senegal, whilst the Development Bank will be situated on Lome. the names of the governors of both organisations were to be announced later.