Foreign Minister Tangara meets Chief of Defence Staff Drammeh
Sep 23, 2020, 11:12 AM
The activity is organised by the West African Monetary Agency (WAMA) in collaboration with the Central Bank of The Gambia and it seeks to provide the opportunity to practitioners in the banking and microfinance space of ECOWAS to harmonise their respective acts in preparation for the launching of ECO.
Dr. Olorunsola E. Olowofeso, director general of West Africa Monetary Institute (WAMI), expressed delight over the state of the operations of WAMI since its establishment in 2001 which they were highly commended. This includes facilitating the integration of banking and non-banking sectors of the West African monetary zone (WAMZ).
He said WAMI in collaboration with the Members of the College of Supervisors (CSWAMZ) and the College of Supervisors of Non-Bank Financial Institutions (CSNBFI) had developed the model acts for banks and specialised deposit-taking institutions. He continued that WAMI also successfully developed a harmonised risk-based supervisory framework for the WAMZ.
He said WAMI is currently at an advanced stage in drafting a model act for non-bank financial institutions and non-bank financial holding companies of the WAMZ.
Dr. Olowofeso further highlighted that the importance of harmonising regulatory and supervisory frameworks of financial institutions for the creation of a monetary union as documented in extant literature cannot be overemphasised.
"It is my fervent belief that your deliberations in the days ahead would reveal the different levels and stages of implementations of international standards of member countries and would provide regulatory options to strengthen the financial system of ECOWAS.”
“I urge you all to remain committed to and support the activities of this expert committee for the good of all."
He reaffirms WAMI’s commitment to supporting a sound safe financial system in the zone and will continue to collaborate with sister institutions to create the appropriate regulatory environment.
Plans are in high gear between officials from the Gambia and World Bank to fund Gambia Inclusive and Resilience Agriculture Value Chain Development Project (GIRAV) to the tune of US$40 million.
Abdoulie Tambadou, the managing director of The Gambia Social Security and Housing Finance Corporation (SSHFC), in an interview with Star FM radio, highlighted the challenges his institution faces and the achievements he has scored since he assumed office in 2020.
The Chief Executive Officer (CEO) of The Gambia Chamber of Commerce and Industry (GCCI) has disclosed that a total of 54 African nations have committed to joining the Africa Continental-Free Trade Agreement (AFCFTA), which came into effect on 1st January 2021.