Financial integration in West Africa will create larger pool of funding – IMF

Madam Antoinette Saye, Director, Africa Department of the International Monetary Fund (IMF), has called for financial integration that would be beneficial for West Africa countries in enhancing economic development.

Madam Saye said the IMF is committed in providing policy advice and technical assistance to the West African countries and urged them to put in place strategic plans to address problems facing the banking institutions in the various countries.

She gave the advice at the closing ceremony of a Regional Conference on opportunities and challenges of financial integration in West Africa, hosted by Ghana, in collaboration with the IMF.

Madam Saye said financial integration would provide governments and the private sector access to a larger pool of funding and help lower the cost of credit, and widen opportunities to diversify risks.

She stressed the need for effective financial banking supervision and sourcing for a strong and long-term financing, to accelerate infrastructural development.

Madam Saye identified the mobilization of revenues to address social and investment needs as the primary challenge in the growth of African economies in the post global financial downturn era.

The conference attracted personalities like Mr. Koaoyuki Shinohara, Deputy Managing Director of the IMF, Mr. Sean Hagan, Director of Monetary and Capital Markets Department.

Also in attendance were Governors of Central Banks in the West Africa sub-region and Finance Ministers.

Source: GNA