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Liberia: CBL Executive Governor Selected Chairman of Wamz Committee of Governor

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Barely days after turning over the chairmanship of the West African Bureau of the Association of African Central Bank Governors to the Governor of the Central Bank of Guinea, Executive Governor J. Aloysius Tarlue, Jr. of the Central Bank of Liberia was preferred as Chairman of the Committee of Governors of the West African Monetary Zone (WAMZ), taking over the gavel of authority from Prof. Kelfala M. Kallon,

Governor of the Bank of Sierra Leone.

Executive Governor Tarlue’s ascendancy to the chairmanship of the Committee of Governors of West African Monetary Zone (WAMZ) brings to two, the number of regional economic bodies that he currently chairs, including the Committee of Governors of ECOWAS Member States of West African Monetary Agency (WAMA).

As Chairman of WAMA, he delivered the keynote address of its 58th Ordinary Meeting held virtually.

In his keynote address, Executive Governor Tarlue updated his colleagues about the adverse economic effects of COVID-19 within the West African Monetary Zone and the policy measures pursued to help reverse the situation. He further disclosed that the region experienced an economic downturn of 1.1% in 2020, in contrast to the 3.1% growth recorded in 2019, thereby widening budget deficits and public debts in most member countries of the WAMZ.

West African Single Currency

The adverse economic realities and the unplanned fiscal policy actions necessitated by the COVID-19 Pandemic, Executive Governor Tarlue said, led to the abandonment of the fiscal consolidation policy measures that were been implemented in recent years in many member countries.