A five-day sub-regional seminar on international remittances for economic development organised by the West Africa Institute for Financial and Economic Management (WAIFEM), last Friday ended at the Paradise Suite Hotel in Kololi.

The economic forum brought together twenty-one executive officers from the sub-regional central banks, core economic ministries, deposit money banks and other public and private organisations. The seminar, which was designed at deepen the participants’ understanding of remittances and their economic values, was specifically aimed at providing a platform for identifying a practical framework for policy makers to harness remittances for economic development.

Participants at the end of the seminar, unanimously agreed in a communique that policy makers should embark on designing appropriate frameworks for incorporating remittance into national economic models. They insisted that all necessary authorities, especially the central banks, within sub-Saharan Africa should review the exclusivity clause with money transfer organisations to remove the adverse impact the clause has on the economic growth of the countries.

To this end, they stressed the need for adoption of measures to reduce commission charged on remittances transferred into the sub-region. In her closing remarks, Oumie Savage-Samba, 2nd deputy governor of the Central Bank of The Gambia, commended WAIFEM for organising the seminar. She said the seminar has exposed participants to the pertinent issues on remittances for economic development.

In response to the current global financial crisis, 2nd deputy governor Savege-Samba stressed that the sub-regional countries must evolve strategies that will keep remittances flowing and maximise its impact on economic development. According to her, the benefits of appropriate regulation, data management and transparency in remittance operations cannot be over-emphasised.

The CBG second deputy governor then urged participants to use the knowledge gained from the seminar to assist their various countries to engender higher sustainable economic growth through effective utilisation of remittances.