State House, Freetown, Thursday 5 December 2024 – Sierra Leone’s President, His Excellency President Dr. Julius Maada Bio has reaffirmed his commitment to advancing regional trade liberalisation in West Africa as he received the 7th Technical Committee Report on the West African Monetary Zone (WAMZ). The report was presented by Dr. Olorunsola E. Olowofeso, Director General of the West African Monetary Institute (WAMI), during a courtesy call at State House.
The Minister of Trade and Industry, Alpha Ibrahim Sesay, expressed gratitude to President Bio for hosting members of the West African Monetary Zone and for approving the 11th annual Trade Ministers’ Forum conference in Sierra Leone. The forum, themed “International Trade Vulnerabilities of WAMZ Member States: Opportunities for Boosting Intra-WAMZ Trade,” underscores the region’s shared commitment to addressing trade challenges and fostering intra-regional economic cooperation.
Minister Sesay highlighted that WAMI organises the Trade Ministers’ Forum annually, rotating among member states. Following the successful hosting of the 10th Forum in Guinea in 2019, Sierra Leone was selected to host the 11th edition. He further revealed that Sierra Leone was elected as Chair of the 11th Trade Ministers’ Forum, marking a significant milestone in the country’s leadership role in promoting regional trade.
Dr. Olorunsola E. Olowofeso, on behalf of the WAMI delegation, commended Sierra Leone for its hospitality and for successfully hosting the conference. He emphasised the importance of good trade governance, facilitation, and cooperation to enhance intra-WAMZ trade and regional integration.
Dr. Olowofeso identified trade tariff barriers as a persistent challenge, urging West African leaders to prioritise their removal to enable the free flow of goods and services among member states. He appealed to President Bio to champion the cause for intra-WAMZ trade liberalisation and encouraged collective efforts by heads of state in the region to achieve this shared objective.
Welcoming the WAMZ delegation, President Bio underscored the urgency of trade liberalisation for West Africa, noting that other regions have harnessed the benefits of free trade, and West Africa should do the same. He highlighted the transformative potential of intra-regional trade, stating that it could significantly boost economic growth, strengthen private sector engagement, and enhance regional cooperation.
President Bio expressed his readiness to lead the advocacy for trade liberalisation, emphasizing the need to move beyond policy discussions to tangible actions that will break down trade barriers. “It’s time for West African leaders to translate policies into actionable steps that drive the free movement of trade,” he said.
The President also encouraged deeper private sector involvement in trade liberalisation efforts, asserting that regional economic integration could unlock substantial opportunities for businesses and communities across the WAMZ. He called for strong leadership and unwavering commitment to achieving the collective vision of seamless regional trade.
President Bio concluded by assuring the delegation of his full support and pledged to advance the discussions with other West African leaders.
