Change
attitude and approach towards regional integration - Duffuor
Accra, May 14, GNA - Dr Kwabena Duffuor,
Minister for Finance, on
Thursday called for a change in approach towards achieving
regional
integration and make it a collective endeavour worthy to be
pursued
jointly by both private and public sectors.
"Regional integration is an important strategic
developmental
issue requiring the active participation of all stakeholders
especially the public and private sectors," he said.
"Unfortunately, in our sub-region this has not been the case
and
regional integration has been perceived as a
government-to-government affair
and it is seen in many quarters of our society as the
preserveof various
governments in the region who meet once or twice a year
amidst great publicity and fanfare to sign protocols
and agreements that no one
implements," he added.
These were contained in an address read on his behalf at the
opening of a two-day workshop on the establishment of the
Private
ECOWAS Financial Improvement Board (PEFIB).
The event was organised by the Ghana Association of Bankers
to
present the main objectives and priority areas of the PEFIB
initiative.
PEFIB is aimed at facilitating regional financial
integration
through the identification and development of strategic
policy
proposals by the private sector to enhance competitiveness
and
harmonization in order to promote rapid economic growth and
sustainable development in the ECOWAS countries.
Dr Duffuor called for measures to protect economies by
coordinating macro-economic policy actions within the
context of the
regional grouping.
"The last few years have witnessed increased cross-border
banking
activities in our sub-region and at the global level we have
seen a
severe credit crunch and the collapse and subsequent
nationalization
of banking and financial institutions especially in the U.S.
and
Europe.
"The implication for us of these two developments in our
sub-region and at the global arena is that we need to come
together,
harmonize financial policies and work together, on one hand,
in a more
coordinated and orderly manner as a region and on the other,
in order
to withstand any externally induced negative shocks arising
from the
global crisis."
Dr Duffuor said challenges arising from the global financial
crisis and increases in food and fuel prices had led to
large fiscal
and trade deficits, higher rate of inflation and increase in
the
national debt and depreciation of the cedi due to Ghana's
heavy
dependence on imported food and fuel.
He gave the assurance that government's 2009 budget would
reduce
current budget deficit to sustainable levels, improve the
exchange
rate regime and work towards a single digit inflation rate.
Dr Duffuor said it was government's intention to partner the
private sector by providing the necessary enabling policy
environment
and incentives for the growth of enterprises as well as
efficient and
effective delivery of public services.
Mr Jude Arthur, President of Ghana Association of Bankers
(GAB),
said the main priority areas of PEFIB included providing
executive
coaching in cross-border strategies, improving bank market
research
and information, resolving cross-border disputes and
organizing
position papers to advocate policy adjustments.
Participants were from major banks, finance institutions and
international donors active in the region.
GNA
