| Economic Community Of West African States |
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It was founded to achieve "collective self-sufficiency" for the member states by means of economic and monetary union creating a single large trading bloc. The very slow progress towards this aim meant that the treaty was revised in Cotonou on 24 July 1993 towards a looser collaboration. The ECOWAS Secretariat and the Fund for Cooperation, Compensation and Development are its two main institutions to implement policies. The ECOWAS Fund was transformed into the ECOWAS Bank for Investment and Development in 2001 ECOWAS is one of the pillars of the African Economic Community . Member states of ECOWAS are Benin , Burkina Faso , Cape Verde , Côte D'Ivoire , The Gambia , Ghana , Guinea , Guinea Bissau , Liberia , Mali , Niger , Nigeria , Senegal , Sierra Leone , and Togo . The current Executive Secretary is Dr. Mohamed Ibn Chambas . The current chairman is President Mamadou Tandja of Niger. MEMBERS .]]
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