By Kofi Ahovi
The Ghana Association of Bankers (GAB) in collaboration with players in the financial sectors of ECOWAS sub region and with support from the African Caribbean and Pacific Countries has established a Private ECOWAS Financial Improvement Board (PEFIB) to facilitate greater financial integration within ECOWAS.
The success of PEFIB initiative, which is yet to be commissioned, would be based on the implementation of four identified road-map program activities which includes the improvement of market insights and banking penetration rates, resolve consumer cross border disputes and provide, improve strategic capability and perspective among middle and senior bank management and analytical basis for improving financial infrastructure and lobbying policy makers.
The strategy advocated is to focus on the implementation of policy measures that are within the authority and competence of stakeholders to pursue and implement without any official intervention.
The objective of PEFIB is to improve the competitiveness of the financial sectors of the region that will facilitate harmonization and integration of the financial sectors of the region in order to promote rapid economic growth and sustainable development.
The rational behind the establishment of PEFIB was that the policy environment conducive to financial integration is slow in developing countries although steps have been taken towards monetary union and convertibility.
Also there is a desire of the private banking sector to be more proactive towards resolving issues that affect their performance negatively than watching other stakeholders get involve and influence the integration process.
At a two-day workshop to deliberate on the main objectives and priority areas of PEFIB in Accra last week, the president of the GAB, Jude Arthur, observed that the formation of PEFIB was very timely due to the increase of inter banking activities in the sub region as well as the recent financial crisis that has hit the world.
Board of Directors has been created to be the final policy decision making body of PEFIB. However an interim board has been set up to facilitate the creation of PEFIB and is compose of a chairman and four other members reflecting the linguistic balance in the sub-region (two francophone and two Anglophones).
The board is currently composed of Daniel Mensah (Ghana) who is the chairman, Rashid Olaolaluwa (Nigeria), Kady Sesay (Sierra-Leone), Liliane Alapini (Benin) and Yves Coffi (Togo).
The workshop was attended by major banks, finance institutions and official representatives of the ECOWAS region, European Union, West Africa Bankers Association (WABA), West Africa Monetary Institute, and West African Monetary Union (WAMU) among others.
The Ghana Association of Bankers (GAB) in collaboration with players in the financial sectors of ECOWAS sub region and with support from the African Caribbean and Pacific Countries has established a Private ECOWAS Financial Improvement Board (PEFIB) to facilitate greater financial integration within ECOWAS.
The success of PEFIB initiative, which is yet to be commissioned, would be based on the implementation of four identified road-map program activities which includes the improvement of market insights and banking penetration rates, resolve consumer cross border disputes and provide, improve strategic capability and perspective among middle and senior bank management and analytical basis for improving financial infrastructure and lobbying policy makers.
The strategy advocated is to focus on the implementation of policy measures that are within the authority and competence of stakeholders to pursue and implement without any official intervention.
The objective of PEFIB is to improve the competitiveness of the financial sectors of the region that will facilitate harmonization and integration of the financial sectors of the region in order to promote rapid economic growth and sustainable development.
The rational behind the establishment of PEFIB was that the policy environment conducive to financial integration is slow in developing countries although steps have been taken towards monetary union and convertibility.
Also there is a desire of the private banking sector to be more proactive towards resolving issues that affect their performance negatively than watching other stakeholders get involve and influence the integration process.
At a two-day workshop to deliberate on the main objectives and priority areas of PEFIB in Accra last week, the president of the GAB, Jude Arthur, observed that the formation of PEFIB was very timely due to the increase of inter banking activities in the sub region as well as the recent financial crisis that has hit the world.
Board of Directors has been created to be the final policy decision making body of PEFIB. However an interim board has been set up to facilitate the creation of PEFIB and is compose of a chairman and four other members reflecting the linguistic balance in the sub-region (two francophone and two Anglophones).
The board is currently composed of Daniel Mensah (Ghana) who is the chairman, Rashid Olaolaluwa (Nigeria), Kady Sesay (Sierra-Leone), Liliane Alapini (Benin) and Yves Coffi (Togo).
The workshop was attended by major banks, finance institutions and official representatives of the ECOWAS region, European Union, West Africa Bankers Association (WABA), West Africa Monetary Institute, and West African Monetary Union (WAMU) among others.
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