By Esther Wright
In an important step toward fostering economic integration, President Dr. Julius Maada Bio reaffirmed his commitment to advancing regional trade liberalization within West Africa during the presentation of the 7th Technical Committee Report on the West African Monetary Zone (WAMZ) at State House on Thursday, December 5, 2024.
The report was presented by Dr. Olorunsola E. Olowofeso, Director General of the West African Monetary Institute (WAMI), during a courtesy visit. The discussions highlighted the importance of removing trade barriers and enhancing intra-regional economic cooperation to drive growth and development across WAMZ member states.
Minister of Trade and Industry, Alpha Ibrahim Sesay, expressed gratitude to President Bio for hosting the WAMZ delegation and for approving Sierra Leone as the venue for the 11th annual Trade Ministers’ Forum. The conference, themed “International Trade Vulnerabilities of WAMZ Member States: Opportunities for Boosting Intra-WAMZ Trade,” reflects the region’s commitment to tackling trade challenges and fostering economic resilience.
The Minister revealed that Sierra Leone’s selection as host follows the successful 10th Forum held in Guinea in 2019. Additionally, Sierra Leone was elected Chair of the 11th Trade Ministers’ Forum, a milestone that underscores the country’s leadership in promoting regional trade initiatives.
Dr. Olorunsola E. Olowofeso, commended Sierra Leone’s hospitality and its pivotal role in hosting the Forum. He stressed the urgency of addressing persistent trade barriers, such as tariffs, that hinder the free flow of goods and services within the region. “Good trade governance and facilitation are critical to enhancing intra-WAMZ trade,” Dr. Olorunsola E. Olowofeso, remarked, urging West African leaders to intensify efforts toward removing these barriers.
He also called on President Bio to champion the cause of trade liberalization, emphasizing the need for collective action by heads of state to achieve this shared goal.
In his remarks, President Bio reiterated the transformative potential of intra-regional trade, noting its capacity to boost economic growth, engage the private sector and strengthen regional cooperation. He emphasized that West Africa must harness the benefits of free trade to remain competitive on the global stage.
“It’s time for West African leaders to translate policies into actionable steps that drive the free movement of trade,” President Bio stated, calling for tangible measures to break down trade barriers.
He also highlighted the importance of private sector involvement in driving regional economic integration. “Strong leadership and unwavering commitment are essential to achieving our collective vision of seamless trade across WAMZ,” the President added.
President Bio assured the WAMZ delegation of his dedication to advancing trade liberalization and pledged to advocate for this agenda with fellow West African leaders. His remarks underscored a collective responsibility to transform policy into progress, fostering an environment where businesses and communities across the region can thrive.
The event marked another milestone in Sierra Leone’s leadership within WAMZ, reinforcing its role as a key player in shaping the future of regional trade and economic integration.
