MONROVIA – August 8, 2016: The Executive Governor of the Central Bank of Liberia (CBL), Milton A. Weeks, has been elected Chairman of the Board of Governors of the West African Institute for Financial & Economic Management (WAIFEM). Mr. Weeks was elected at the 31st meeting of the Board of Governors meeting held on August 4, 2016 in Conakry, Guinea.
WAIFEM is a regional institute dedicated to developing competencies in the fields of 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. The Governors of the Central Banks of The Gambia, Ghana, Liberia, Nigeria and Sierra Leone established the Institute on July 22, 1996. These central bank governors also serve as the Board of Governors of WAIFEM, which is responsible for the formulation of the overall policy direction of the Institute and the appointment of the Director General who is in charge of the day-to-day management of the Institute.
According to a press release from the Central Bank of Liberia, Governor Weeks will Chair the Board of Governors for the next two years as Liberia’s representative. He succeeds the Governor of the Bank of Ghana, Dr. Abdul-Nashiru Issahaku, and outgoing Chairman of the Board of Governors of WAIFEM.
Accepting the Chairmanship on behalf of Governor Weeks, the CBL’s Deputy Governor for Economic Policy, Dr. Mounir Siaplay, thanked the WAIFEM Board of Governors for electing Liberia as Chair. He indicated that the Central Bank of Liberia was humbled by the honor bestowed on the country and promised to do the best in ensuring that WAIFEM continues to deliver on its capacity building mandate as instructed by the Board of Governors.
Deputy Governor Siaplay thanked the outgoing Chairman, Dr. Issahaku, for his able leadership provided over the last two years.
He informed the meeting that Liberia was taking the Chairmanship of WAIFEM in the face of a harsh macroeconomic environment in the Institute’s member countries, occasioned by falling commodity prices. In spite of the difficult macroeconomic conditions, the Central Bank official reiterated the Board’s commitment to capacity building, as human resource development is very important to improving macroeconomic management in member countries.
The Board meets at least once a year to approve the annual budget and training programs and appoint the external auditors. It also receives the annual audited financial statements and reports of the Institute as well as undertakes other actions that it deems necessary to promote the purpose of the institution.
Dr. Siaplay assured the Management and staff of WAIFEM of the Board’s continuous moral and financial support in bridging the existing capacity gaps in the sub-region.