By Lamin Kujabi
The president of The Gambia, His Execellency Adama Barrow, recently opened the 44th Ordinary Meeting of the Assembly of Governors organized by the Association of African Central Banks (AACB) held at the Sir Dawda Kairaba Jawara International Conference Center, Bijilo.
Speaking at the opening, President Barrow said the objective of the Association of African Central Bank Governors is to promote cooperation on monetary, banking, and financial matters in Africa.
He added that the association obeys the rules of the principles of the African Union Free Trade Area established to integrate African economies.
‘’With this in mind,’’ he continued, “we eagerly look forward to the results of your discussions, especially the review of the effectiveness of our international economic and financial institutions.
President Barrow further commended the Association for devising an integrated continental payment system, adding, ‘’I understand that you achieved it through the establishment of the African inter-regional payment integration task force, working groups and expert panels tasked to guide the monitoring and implementation of the project.”
Moreover, President Barrow said digital innovations have impressively transformed the global financial landscape, with the emergence of digital wallets, mobile transfers, block chain technologies and interconnected payment systems.
“Your deliberations cannot exclude the current global challenges that have adverse effects on African economies. We continue to experience decreasing supply of basic and essential commodities, amid the rising demand for them, resulting in higher market prices,” President Barrow Noted
He further urged the association to suggest practical ways to reinforce the resilience of our economies, noting that the world economies, particularly those in Africa, would continue to face shocks and that we should prepare for such unexpected challenges and maintain resilient economies.
“With resilient economies, we will be better positioned to implement policies that ensure job creation, women empowerment and youth employment in Africa. To sum it up, we must implement policies that raise living standards on the continent and transform our nations into higher-income countries,’’ he stated.
Mr Buah Saidy, the governor of the Central Bank of The Gambia said: “we are at cross roads in our quest for development and having started recovery from the Covid-19, our economies are again beset by another major external shock, emanating from the Russia – Ukraine war.
Mr. Saidy added that the strong recovery anticipated this year is being threatened by the adverse effects of the war, while stating that the latest forecast by the IMF painted a gloomy picture of the prospects of the global economy and downgraded its growth forecast to 3.2 percent for this year compared to 6.1 percent a year ago.
Momodou Barry country representative of International Monetary Fund (IMF) to the Gambia said that inviting IMF to this meeting by the governor of the central bank of the Gambia which shows the collaboration and strength that existing relation between the two institutions.
He further explained that the strong collaboration between IMF and the Gambia which make the presence of IMF into the Gambia. The IMF and this meeting have demonstrated the significant progress made by IMF and central banks of Africa in the financial system in the continent.
The risk of economy recovery still remains a challenge as a result of war in Ukraine as well as pandemic which is affecting some part of the world. The navigation of this problem requires strong policy formulation by the institution responsible for microfinance and more importantly to strengthen the independent of central banks in meeting their policy objectives and avoiding interfere.