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Written by Abraham Morris-0886294820
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Monday, 16 July 2012 05:07 |
 Lberia’s Finance Minister and incoming chairman of the Convergence Council of West African Monetary Zone (WAMZ), Amara Konneh said his ascendency and that of Central Bank of Liberia Governor, J. Mills Jones as chairman of the Committee of Governors of WAMZ indicates that the economy of the country is on the right footing.
Minister Konneh made the assertion Friday, when he was elected as Chairman of the Convergence Council of WAMZ at the close of the week-long WAMZ meetings and the 30th meeting of the convergence council of Ministers and Central Banks Governors held at the Monrovia City Hall.
The Liberian Finance Minister said with Liberia joining the WAMZ two years ago, and having been selected to host such a historic conference for the first time demonstrates that the country has once again gained its rightful place amongst the comity on nations.
Minister Konneh is however urging the Ministry of Foreign Affairs to go out and lobby for international positions in order to boost the country’s image.
Meanwhile, the committee of Governors put up several recommendations for consideration by the convergence council. They want member states to intensify their efforts to further improve performance on both the primary and secondary criteria; sensitization program to inform government and the public about WAMZ programs and related issue. Members states are to address the issue of fiscal dominance by putting in place binding fiscal rules including the adoption of the model of fiscal responsibility Act approved by the convergence council in 2007.
Member states of the WAMZ are to focus on maintaining quality of government expenditure in order to enhance growth and reduce unemployment. The recommendations also call for studies to be conducted order to examine the factors that led to the collapses of the West African Clearing House(WACH)in the sub-region in relation to the currency convertibility study, examine the impact of exchange rate and growth and determine how to strengthen the small, medium enterprise (SME) in members countries.
For his part, the Deputy Minister of Finance and Economic Development of Sierra Leone and outgoing Chairman of the Convergence Council of WAMZ, Alhaji Foday B.L Mansaray called on members states of WAMZ to retrospect on the founding fathers of ECOWAS’ dream to foster close cooperation among member states; a cooperation that would eventually lead to the integration of the national economies into a large regional economy, with the hope of promoting growth and eradicating poverty and becoming economically conspicuous in the global arena.
Deputy Minister Mansaray said the building block to this dream remains the creation of a single economic space, a common market, free movement of persons, capital, goods and services, the right to residence, employment and monetary union with a common currency.
Minister Mansaray said Sierra Leone and all other WAMZ countries should recognize the relevance of addressing these issues, because of the clear and present danger posed by the global financial turmoil and the looming threat of the global economy being at the brink of collapse, amidst fears that Greece and other European countries within the Euro zone face imminent debt default is a wakeup call.
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Last Updated on Monday, 16 July 2012 05:19 |
