Freetown: As he assumes the role of Chairman of the WAMZ Technical Committee, Financial Secretary Matthew Dingie reiterates the commitment of the Government of Sierra Leone to fulfilling the requirements for joining the Monetary Union by 2027. The Financial Secretary of Sierra Leone, Matthew Dingie, in his statement after being elected as chairman of the West African Monetary Zone (WAMZ) Technical Committee at the ongoing 56th West African Monetary Zone (WAMZ) at the Freetown International Conference, stated that the government and the people of the Republic of Sierra Leone remain committed to fulfilling the requirements for joining the monetary union in 2027.
According to Sierra Leone News Agency, Sierra Leone is playing host to the 2024 End of Year Statutory Meetings of the West African Monetary Zone (WAMZ), hosting delegates from the Ministries of Finance, the Central Banks, other economic and regional agencies from West Africa and the six WAMZ countries (Sierra Leone, Liberia, Ghana, Nigeria, The Gambia, and Guinea).
Matthew Dingie first thanked the outgoing chairman of the Technical Committee from Guinea for the excellent job done in steering the affairs of the Committee in the last six months. He further stated that, despite the economic and social challenges facing economies in the region, driven in part by developments in the global economy, the commitment and determination of monetary integration remain intact.
He mentioned that the performance under the macroeconomic convergence criteria showed that no member country fulfilled all the convergence criteria as of the end of June 2024. He said this should not discourage the efforts to work towards monetary integration as there is ample evidence that member countries have made significant progress in the other areas of regional integration, such as upgrading our national payment systems and the integration of these systems, development of domestic capital and debt markets, the implementation of the ECOWAS Trade Liberalization Scheme (ETLS), harmonisation of economic statistics, implementation of the protocol on free movement of goods, persons, and Right of Establishment, including the application of the rules relating to the setting up and operation of businesses for both nationals and other ECOWAS citizens.
He highlighted several reforms and policy adjustments the government of Sierra Leone is implementing to stabilise the economy, noting that the focus of fiscal policy in recent years has been the consolidation of public finances through intensified domestic revenue collection and expenditure rationalisation to safeguard macroeconomic stability.
The Deputy Governor, Dr Joe Tucker, stated that Sierra Leone, like other member states, has encountered challenges in fulfilling the macroeconomic convergence criteria over the years but stressed that the collective implementation of prudent economic policies and wide-ranging structural reforms, including within the context of IMF-supported economic programmes, have begun to yield positive results as reflected in recent strong macroeconomic performance.
These outcomes, according to Dr Tucker, have given hope that going forward, Sierra Leone will improve its fulfilment of the macroeconomic convergence criteria to enable the country to join the monetary union slated for 2027. He also underscored that the collective effort of WAMI and other regional institutions goes beyond the regular multilateral surveillance of member states.
He noted that the government of Sierra Leone is fully committed to implementing the ECOWAS Single Currency Programme and working with Member States to operationalise the ECOWAS Protocols, including trade promotion and the free movement of persons.
The Acting Director for Macro Economic Stability and Multilateral Surveillance in the ECOWAS Commission, Mr. Borboh, extends thanks and appreciation to the government and people of Sierra Leone for hosting this meeting on regional economic integration in Sierra Leone. He also appreciates the West African Monetary Institute’s (WAMI) contribution to the money integration process, particularly in the Regional Payment System, Capital Market Integration, and Trade and Infrastructure Development. He encouraged delegates to engage in a constructive dialogue bearing in mind the objective of the discussions so that at the end, reach a consensus on critical issues to better prepare WAMZ member states to address their structural economic challenges and further economic integration, particularly the establishment of the ECO.
