MONROVIA – August 7, 2017:Following a series of activities involving statutory meetings of West African financial institutions since 27 July 2017, the Central Bank of Liberia again played host to a regional course on International Trade, Taxes and Policies that started Monday (7 August 2017), with participants coming from the Ministries of Finance, Revenue Authorities, Customs Authorities and Central Banks of West African countries.
In formally opening the regional course, Mr. Milton A. Weeks, the Executive Governor of the Central Bank of Liberia reminded organizers and participants of the enormous importance of international trade, despite the controversies that it invokes. He also cited the positive correlation between international trade and economic growth, maintaining that trade liberalization results in better economic performance because of effective resource allocation that comparative advantage brings.
Governor Weeks said: “We must participate in international trade negotiations to protect our commercial interests. West Africa needs to be aware that domestic policies will affect what happens at home and abroad. Domestic policies have international repercussions and affect the quantity imported”.
Mr. Chris Kedze, Director of the Macroeconomic Department of the West African Institute for Financial and Economic Management (WAIFEM) – organizers of the course – read a statement on behalf of Professor Akpan Ekpo, WAIFEM’s Director-General.
In the statement, the WAIFEM Director General paid tribute to the Central Bank of Liberia and its Governor for the ‘excellent logistics support provided for the smooth organization of the course’.
The course aims to provide participants with an understanding of the issues relating to international trade, taxes and negotiations. It is also designed to build the capacity of participants to formulate and implement good and effective external trade policies, exposing participants to trade policy analysis and the evaluation of different economic policies. Some of the topics that will be explored during the course include the promotion of a regional common market, effective customs union, its challenges, and economic partnership agreements.
The West African Institute for Financial and Economic Management (WAIFEM) was established on 22 July, 1996 by the Governors of the Central Banks of The Gambia, Ghana, Liberia, Nigeria and Sierra Leone to develop competencies in macroeconomic, debt and financial sector management among the staff of central banks, ministries of finance and economic planning, as well as other public sector and private institutions.