MONROVIA – August 4, 2017:The Chairman of the Committee of Central Bank Governors of the West African Monetary Agency (WAMA) and Governor of the Central Bank, Mr. Godwin Emefiele, has urged member states to take advantage of the respite in the economic recession of the last two years to forge ahead with strategies to accelerate the implementation of reforms. In a statement delivered on his behalf by Dr. O. J. Nnanna, Deputy Governor of the Central Bank of Nigeria,
West African Central Bank Governors were also admonished to adopt a regional and strategic approach to the African Monetary Cooperation programme and to keep in mind that the deadline for the achievement of an African Monetary Union is 2034 so that the West African sub-region does not prolong the meeting of that target date.
The statement called on ECOWAS nations to also collectively combat illicit financial flows, as that would hamper efforts of African countries to attain the Sustainable Development Goals.
The last two years were said to have been particularly difficult for the ECOWAS sub-region and were the result of a slow-down in the global economy and a sharp decline in commodity prices, all of which had led to inflation, the depreciation of West African currencies, worsened fiscal imbalances and the accompanying adverse impact on public debt and interest, something that West African central banks have struggled to contain.
Notwithstanding the deteriorating economic climate of the last two years, it was noted that some ‘non-commodity intensive’ member countries had registered significant economic growth. Member countries need to learn from this and diversify their economies.
West African Monetary Zone (WAMZ) member countries were commended for moderating the worst effects of the recent recession.
The Deputy Governor of the Bank of Sierra Leone also called on WAMZ member states to pursue appropriate policy measures at national levels to achieve convergence on fiscal and monetary policies in order to realize the goal of a single West African currency by 2020. He said countries that operate individually will face greater challenges than those in regional groupings.
“We will need to keep our nerves in the face of inevitable setbacks in both the domestic and international environments. But I believe the project is worthwhile and once we deliver on this project, it will be one of the most important institutional foundations for accelerated growth in our Zone”, the Sierra Leone Central Bank Deputy Governor said.
Earlier, Mr. Milton A. Weeks, the Executive Governor of the Central Bank of Liberia and Chairman of the Board of Governors of the West African Institute for Financial & Economic Management (WAIFEM), lauded West African states for working together to build strong and sustainable regional integration.
“It is our fervent hope that collaboration, cooperation and commitment will be sustained and even strengthened at all levels to ensure the realization of our objective”, the Central Bank of Liberia head re-iterated.