Ghana Could Host Regional Monetary Institute

A series of meetings under the auspices of the West African Monetary Institute (WAMI) opens in the Sierra Leonean capital, Freetown, from April 8-12 to finalise a number of technical proposals defined by WAMI.

Mr Ribelis David Asante, Technical Co-ordinator of WAMI in Accra, told the Ghana News Agency that there would be three different meetings over the period.

"The first will be the 10th Meeting of the Technical Committee of the West African Monetary Zone (WAMZ) from April 8-9; among which we would consider the various reports of WAMI, discuss the macroeconomic developments and convergence report for 2001 and proposals on introduction of the ECO Unit of Account.

"On the 10th of April, the Committee of Governors of the Central Banks of the West African Monetary Zone will hold their fourth meeting, followed by the seventh meeting of the Convergence Council of Ministers and Governors of the WAMZ from April 11-12."

Top on the agenda of the Technical Committee Meeting would be the subject of host for the headquarters of the West African Central Bank. "Initially, Sierra Leone expressed interest. But so far we have received only one letter from Ghana to host the headquarters of the central bank," he said, adding that after the technical committee had met to decide on the host the heads of states would meet to ratify it.

ECOWAS community officials told the GNA that Ghana stood a good chance of getting the approval to become the headquarters since she had the most appropriate and convenient infrastructure.

"Apart from that, the country is most suited for banking and the kind of operations that the institution will be engaged in. There is peace and a very stable environment," one said.

ECOWAS sources said Nigeria was expected to head the presidency of the central bank.

"Besides, we would also look at the progress report on the national sensitisation programmes on WAMZ and a draft of a uniform Central Bank Act for member states of WAMZ."

Mr Asante said the ministers of regional co-operation and integration, trade and industry, finance and foreign affairs of member countries are expected to attend.

On the issue of member countries meeting the set criteria, Mr Asante said many of the countries are doing well, except a few that are lagging behind. He said those that are not performing as expected, still have the chance to make amends.

The WAMI is a transition institution that is preparing the grounds for the setting up of the West African Central Bank by the end of this year and has tasks including establishing modalities for selecting of a headquarters of the bank.

It also monitors and assesses the convergence programme of economic and monetary policies that would include the observance of the ratio of budget deficit to the gross domestic product, rate of inflation, ceiling on central

bank credit to government and foreign exchange reserves to imports cover.