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Veep urges central banks to be firm
 
Posted on: 26-Jul-2013         Source: GNA
 
 
 
Vice President Kwesi Amissah-Arthur on Thursday urged central banks in West Africa to remain steadfast in taking the right decisions to support the progress of their economies.

He said central banks had a critical role in their nation’s economies and were required to play active roles in the effective economic management in the sub-region.

At a meeting with the members of the Committee of ECOWAS Central Banks Governors at the Flagstaff House in Accra, the Vice President urged the Governors to maintain and utilize their independence beneficially.

The governors are in Accra to attend the West Africa Monetary Zone (WAMZ) meeting over challenges in achieving the convergence criteria for the ECOWAS common currency, the Eco.

They used the occasion to visit and congratulate their former colleague, the Vice President, who used to be the Governor at the Bank of Ghana.

The Vice President said: “We want the central banks to be independent and take the bold decisions needed to protect and grow our economies.”

He urged the governors to continuously support their governments to achieve their respective countries’ targets.

Vice President Amissah-Arthur recalled instances at their group meetings when they criticized decisions of their Finance Ministers, but added that being Vice President had made him to appreciate the difficulties Finance Ministers encountered.

“As Central Bank Governors, the Finance Ministers and the entire government needs your total support,” he said.

Dr Sanusi Lamido Sanisu, Governor of the Central Bank of Nigeria, and Chairman of the Committee, congratulated the Vice President on his elevation to that position.

“We are happy to have one of us to be elevated to the position of Vice President,” he said, adding that it was appropriate that people with expertise in economics were given the opportunity to assist in governance.

He assured him of their support, and promised that the group would extend similar co-operation to his successor, Dr. Henry Akpenamawu Kofi Wampah.