The West African Development Bank (BOAD) is an international Multilateral Development Bank founded in 1973 by the member countries of the West African Monetary Union (WAMU) to serve the funding priority development and economic integration activities in the West African Region. . In French, it is called Banque Ouest Africaine de Développement – BOAD. It is one of the development arms of the West African Economic and Monetary Union (WAEMU/UEMOA) in Western Africa.
The prime objective of the organisation is to bring the economic as well as financial solidarity among member state at monetary level and also using those monetary solidarity as monetary base to accelerate regional integration.
In 2001, the BOAD revised its mission & vision and stated three fresh development goals of funding i.e. poverty alleviation, economic cooperation as well as integration and also promoting the activities of private sector.
Genesis of BOAD
The idea behind the formation of the organisation was not only for the betterment of member countries but also to the tributaries members so that the organisation optimise resources of the region in a way of funding common development activities. The prime motive of the organisation was to gives priority to solidarity as well as economic prosperity of the member countries.
Administrative Structure of BOAD
The BOAD is managed and administered by the Chairperson and Board of Directors. The administrative structure is discussed below:
• Chairperson: It is the apex decision making body and the entire organisational helms of affairs are the responsibility lies in it. It is appointed by the WAEMU Council of Minister and assisted by the Vice-Chairperson.
• Board of Directors: It is composed of the Chairperson, incumbent representative and alternative (appointed by Union’s member state).
It is one of those organisations that has created its own system and belief of good governance based on the synthesis of corporate culture such as accountability, staff participation, operations, accounts and control system.