Conference to Explore West African Regional Financial Integration
One key element of this process is cross-border financial integration—a topic that will be the centerpiece of a conference of West African policymakers and financial sector leaders to be held October 28 in Accra, Ghana.
Co-sponsored by the government of Ghana and the IMF, the one-day conference on the Opportunities and Challenges of Financial Integration in West Africa will bring together senior policymakers from the Economic Community of West African States. Participants will include finance ministers and central bank governors, financial sector representatives, and experts from international financial institutions.
“At a time of rapid and positive economic change in Africa, financial integration has emerged as an increasingly important factor that can help lift the region to the next stage of development,” said Naoyuki Shinohara, IMF Deputy Managing Director, who will co-chair the event. “This is certainly the case for the countries of West Africa, where a dynamic financial environment offers considerable promise—but also some risks.”
Potential benefits
Ghana Vice President Kwesi Amissah-Arthur will join Shinohara in welcoming regional participants to the event. Discussions will focus on the potential benefits of financial integration for private sector development and the mobilization of long-term financing for infrastructure, while also highlighting the risks from larger and more interconnected financial systems.
Drawing on the experience of other regions, the conference will crystallize lessons and concrete steps that West African countries can take to maximize the benefits of financial integration and minimize its risks.
“The joint organization of this conference is an example of the close cooperation between the Government of Ghana and the IMF,” said Antoinette Sayeh, Director of the IMF African Department. “As a dynamic economy with regional importance and large infrastructure needs, Ghana can greatly benefit from and contribute to regional financial integration. At the same time, it is starting to adjust to the more challenging financial landscape, making it an ideal place to host this event.”
Cross-border banking
West Africa has recently seen an impressive growth in its financial sector, accompanied by the rapid rise of...
To continue reading
Request your trial