Gov. Weeks Pledges Liberia’s Support to WAMZ Obligations

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Delegates at the opening session of WAMZ statutory meetings

– Ends 50th ordinary meeting of the committee of ECOWAS Bank Governors today

The Executive Governor of the Central Bank of Liberia (CBL), Milton A. Weeks, has assured Governors of the Central Bank of ECOWAS member states that Liberia will live up to its commitment to the West African Monetary Zone (WAMZ).

Governor Weeks, who has also been appointed by the regional body of Bank Governors of ECOWAS as chairman of the West African Institute of Financial Management (WAIFEM), said Liberia will make every effort to honor all of its obligations, particularly when it comes to the promotion of regional financial integration to the zone.

Welcoming the delegates to the city of Monrovia for the 50th meeting of the Committee of Governors, ECOWAS Commission, West Africa Agency of Monetary Institution (WAMI) and WAIFEM, he stated that the meeting provides an opportunity to take stock of the level of progress made toward monetary and economic cooperation, and an opportunity to deliberate on strategies and policies to enhance monetary integration and harmonization of policies under a unified WAMZ.

“Today marks another milestone not in our individual lives, but collectively as members of the regional economic block, which shares values, working together for the obtainment and subsistence of strong and sustainable regional integration, which is our fervent hope that collaboration, cooperation, and commitment will be sustained even stronger at all levels to ensure the realization of our objectives,” he said.

He said told his colleagues that given the task, including emerging challenges at the domestic and global levels, it is becoming evident that collaboration, cooperation, and dedication are critical and “all of us have an important role to play to sustain the momentum.”

The Committee of Governors, according to him, has been very instrumental in the organization’s joint statutory meetings on various missions by regional institutions implementing the ECOWAS monetary cooperation programs.

“Today, we are happy to note a successful deliberation of the technical committee over the last few days,” Governor Weeks added.

ECOWAS Commissioner for Macroeconomic Policy and Economic Research Mamadou Traoré acknowledged the effort and gains in the region over the years by President Ellen Johnson Sirleaf.

Mr. Traoré told the delegates that despite the significant progress made towards ensuring that ECOWAS member states achieve and sustain all of the convergence criteria, there were challenges encountered along the way. He, however, assured ECOWAS’ commitment to advancing the goal of a common and harmonized WAMZ.

The chairman of the Committee of Governors, Gov. Dr. Okwu Joseph Nnanna, said the meeting provided an avenue for them to deeply focus on issues of mutual concern, especially under the ECOWAS monetary cooperation programs, which was launched in 1987.

He said considering progress over the years, “I also wish to acknowledge the African monetary agency (WAMA) implementing the various components of the program. Let me also extend my sincere thanks to the technical committee for the quality of the deliberation and also report submitted for our participation.”

Governor Nnanna is also Deputy Governor of the Central Bank of Nigeria (CBN).

The meeting, which is being at held the Central Bank of Liberia, brought together member states, the ECOWAS Commission, the West Africa Agency of Monetary Institution (WAMI) and the West African Institute of Financial Management (WAIFEM).

The meeting runs from Thursday, July 27 to August 4, 2017.

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