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WAMZ Governors meet in Sierra Leone |
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The Committee of Governors of Central Banks of the West African Monetary Zone WAMZ yesterday held its 26th meeting at the Miatta Conference Hall in Freetown against what the Committee described as the challenging global economic situation. Such a slowdown in growth it said “would affect both developed and emerging countries”.
Despite the downward pull in global economic growth, from 5% in 2010 to 4% in 2011 and what it also described as the “exceptional crises” experienced by some ECOWAS countries like Cote d’Ivoire, the region it went on is “expected to record a growth rate that is above the African average of 6.4%”. It is also worth mentioning that the sub region as stated by WAMZ experienced in 2011 “slight decline” in inflation, “moderate” rise in commodity prices and a decline in deficit from 4.4% in 2010 to 3.4% in 2011.
In his opening remarks, the Governor of the Central Bank of Guinea Lounceny Nabe, and outgoing chair of the Governors Committee re-echoed the constrains faced by the region as the result of the current global economic problems. He singled out the Euro Zone crisis which he said poses economic uncertainties if member countries do not implement sustainable growth driven economic and stringent fiscal policies geared towards mitigating the effects of the crisis and the global economic “meltdown” on the region.
http://www.awoko.org/2012/01/20/wamz-governors-meet-in-sierra-leone/
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