The Executive Governor of the Central Bank of Liberia or CBL Mr. Nathaniel R. Patray, III, observed that the people in the ECOWAS region continue to suffer from macroeconomic instability, including depreciation of domestic currencies, high debt ratio and weak GDP growth in a number of Member countries.
In a press release issued in Monrovia, Governor Patray calls for harmonization of policies and regulations among West African States to tackle the macroeconomic challenges facing the region before the ECOWAS Monetary Cooperation Programmed (EMCP).
He spoke at the closure of the 53rd Ordinary Meeting of the Committee of Governors of Central Banks of ECOWAS Member States that ended Thursday, February 21, 2019 in Dakar, Senegal, according to the release.
“We need a collective response to all of these challenges,” said Governor Patray, and added that the Government of Liberia will do what is best in the interest of Liberia and its people and the collective good of the Community.
The CBL Executive Governor reiterated Liberia’s appreciation of ECOWAS for its role in bringing peace and stability to the country, noting that Liberia will continue to participate in ECOWAS programs. However, he emphasized that decisions involving the monetary integration within the sub-region must involve all Member countries.
“ECOWAS is not only involved with monetary arrangements. ECOWAS is also involved with peace and stability,” Patray continued, adding that there was a need for the sub-region to pay attention to issues of cyber-security risks.
Governor Patray further spoke of the need for exchange of experiences on critical issues affecting the region and thanked the Central Banks of Nigeria, Sierra Leone and The Gambia for extending an invitation to Liberia to learn from their cyber security programs with the view of improving the cyber security program at the CBL.
He urged other Member countries to share ideas with sister central banks to improve their respective institutions.
He said the Central Bank of Liberia is prepared to work with other central banks in the region to share experiences on cyber security. Governor Patray accepted an invitation from the Bank of Ghana to attend an international seminar in Accra, in May on Corresponding Banking Relationship and Financial Security Issues.
Meanwhile, the release disclosed that economic activity in the West Africa continues to improve, reflecting increasing investment in agriculture, construction and sustained performance in the services sector in most Member States.
According to a report of the ECOWAS Monetary Cooperation Program, for the first half of 2018, growth accelerated to 3.1 percent from 2.3 percent in 2017, supported by increased oil and gas production in Ghana and Nigeria. Press Release