account of a recovery in exports and commodity prices, but also due to implementation of prudent policies by some of our economies prior to the global down turn. in addition, the effect of reduced foreign inflows from aid, foreign direct investments and remittances was far less than originally anticipated. the increase in global demand and hike in oil prices benefitted oil - producing african countries with nigeria and angola, the two largest oil producers experiencing strong growth of around 6 percent. in spite of the encouraging trends, risks to africa ’ s economic prospects remain, particularly given the faltering global economy. it was recognized that the crisis originated from the financial systems and this has underscored the need for a more robust and effective financial sector supervision framework in african countries that can withstand potential future shocks. at a meeting of the association of african central banks held in dakar, senegal, in august 2010, it was generally recognized that african central banks should adopt policies which should ensure a move towards macro prudential surveillance of the whole financial system and ensure that there are early warning signals and adequate remedial measures to deal with any crisis. sub regional financial developments your excellency, distinguished ladies and gentlemen, as you are aware, the west african monetary institute ( wami ) is spearheading efforts to establish the eco as the single currency, with a west african central bank and common monetary and financial policies for the zone. however, as a result of the recent financial crisis, member states could not meet the macroeconomic convergence criteria which are part of the requirements, and a decision was taken by heads of state and government to postpone the launch of the single currency and the establishment of a west african central bank to not later than 1st january 2015. in spite of these difficult conditions, the west african sub region has shown remarkable resilience to the onslaught of the crisis mainly due to the region ’ s low integration with global financial markets. however, in the post crisis period, indications are that economic growth would continue to remain robust, averaging around 7 percent for countries of the west bis central bankers ’ speeches african monetary zone. in spite of this, lessons should be learnt from the effects of the crisis in other regions and, going forward as a single monetary zone, policies are being designed and implemented to prepare us to cope better with any threats to our financial systems. we must also recognize that there are peculiar risks to our zonal financial sector which are being addressed through new initiatives. since the signing

mohamed s fofana : sierra leone stock exchange – developing the country ’ s financial sector opening remarks by mohamed s fofana, deputy governor of the bank of sierra leone and chairman of the stock exchange technical committee, at the inauguration ceremony of the sierra leone interim stock exchange, freetown, 27 july 2007. * * * your excellency, the president honourable vice president my lord chief justice your excellencies, members of the diplomatic corp hon minister of finance other cabinet ministers mr governor mr secretary to the president and other senior civil servants heads of financial institutions colleague setc members distinguished members of the private sector ladies and gentlemen it is my singular privilege and honour to chair this occasion. i must confess that i only agreed to perform this function under pressure from my colleagues of the stock exchange technical committee, who insisted that as chair of that committee, i am under obligation to chair this ceremony. my personal inclination was that some more distinguished personality than myself should assume this role. it is not common that such a galaxy of distinguished personalities would converge on the bank. when this happens, it is a clear indication that something out of the ordinary is in the offing, as is clearly the case today. your excellency, the inauguration of the sierra leone stock exchange, which you are about to perform, is a unique occasion in every sense. not only is this the first such institution to be established in this country, but it also constitutes the first major visible sign of the formal commencement of organised capital market operations in sierra leone. this is a landmark in our financial history as we take a crucial step towards the further extension and deepening of our financial sector, which up till now largely consists of a money market. while this occasion is significant in its own right, i would like to stress that it is part of a process, rather than an event. from this perspective, it is simply the outcome of all the planning that has taken place in the context of deliberations in the stock exchange technical committee, work done by the capital market unit of the bank, and the inputs of local and foreign consultants, especially for the preparation of legal documents for the establishment of the capital market in general, and the stock exchange in particular. sensitisation of various parties, including our parliament, the press, representatives of the business community and the university has been undertaken, and will continue on a wider scale. consultations have been held with some institutions in the public and private sectors to forge operational links in further