Senior executives of banking institutions in the West Africa sub-region have spoken of the need for continued coordination and collaboration in tackling the economic challenges confronting the sub-region. The executives noted that as countries confront the prevailing global economic challenges, the sub-region must adopt concrete measures to address the increasing demand for solutions.
The comments were contained in opening remarks on Thursday, March 9, 2017, during the opening session of the one-day 70th ordinary meeting of the Executive Council of the West African Bankers Association (WABA), convening in Monrovia.
Speaking at the occasion, the Executive Governor of the Central Bank of Liberia (CBL), Mr. Milton A. Weeks, renewed his call for capacity building in the finance and banking sectors of the sub-region. Governor Weeks said the region, specifically Liberia, is faced with serious capacity deficits particularly in the financial sector. He expressed satisfaction, nevertheless, that progress is being made towards the establishment of a Banking Institute that would help bridge the capacity gap. The Governor urged the Liberia Bankers’ Association to take advantage of the opportunity afforded by having a number of financial training institutes attending the WABA meeting to establish ties with these institutions. The Central Bank Executive Governor has, meanwhile, stressed the need for more collaboration between the private and banking sectors to help address some of the challenges facing the region. “There is commonality in some of the issues we face,” Governor Weeks observed, emphasizing the need for a united approach in addressing some of the issues confronting the sub-region.
Other speakers at Thursday’s meeting included Liberia’s Finance & Development Planning Minister, Mr. Boimah Kamara; the President of the Liberia Bankers’ Association and Chief Executive Officer of the Liberia Bank for Development & Investment (LBDI), Mr. John Davies; and the Acting Interim President of the West African Bankers’ Association (WABA), Mr. Mr. Ifeanyichukwu Nwade.
The one-day meeting of WABA will, among other issues, review activities of the association including a financial report; a proposed Plan of Action and budget for 2017 as well as election of a new President. Liberia last hosted the WABA Executive Council meeting in 2013.