THE DIRECTOR GENERAL OF THE WEST AFRICAN MONETARY AGENCY, MR. BOIMA S. KAMARA, VISITS HIS EXCELLENCY JOSEPH N. BOAKAI
The Director General of the West African Monetary Agency (WAMA), Mr. Boima S. KAMARA, had a 1-Day working visit to the President of Liberia, His Excellency Joseph Nyuma BOAKAI. Discussions during the visit revolved around forging a strategic partnership between the Government of Liberia (GoL) and WAMA, especially in the areas of capacity strengthening for staff at the Central Bank of Liberia and the Ministry of Finance and Development Planning, coupled with identifying innovative financing vehicles for the development of critical infrastructure such as roads and electricity.
Mr. Kamara, thanked and appreciated President Boakai for the warm reception accorded to him and the opportunity to meet the President amidst his busy schedule. He seized the opportunity to lay out his 4-Year Strategic Plan, which encapsulate his vision for the Agency over the next 4-years: namely, Capacity Strengthening to reposition WAMA to deliver on its mandate for the ECOWAS-wide region; Data and Evidence Generation through the building of a robust database infrastructure for large, reliable, and quality data; Promotion of the Use of Evidence-Based Research for policy decision-making and the development of West African economies; and Strategic Communication for awareness creation on the ECOWAS Single Currency Program and success stories of other regional institutions in ECOWAS.
Mr. Kamara drew the attention of President Boakai to the great potential of the Liberian economy given the nation’s enormous natural resources including gold, diamond, iron ore, rubber, timber, and a relatively large coastal line greatly endowed with marine resources. He asserted that it was time for revisiting and reviewing all concession agreements to ensure that greater benefits accrue to Liberia and Liberians. This policy shift will lift the economy from the usual TAX ADMINISTRASTION ROYALTY AND PERCENTAGE REGIME that relies on the value of export receipts to a new era that focuses on PRODUCTION SHARING AGREEMENT, where greater concentration of the value of what is produced will stay in the country where the production takes place. In the short run, he suggested the need to strengthen tax administration by optimizing domestic resource mobilization by leveraging digital technology and automation for efficiency gains in the existing tax collection structure.
President Boakai, for his part, extended warm congratulations to Mr. Kamara on his appointment as the new Director General of WAMA and wished him success in his new role.. He expressed immense pride in seeing DG Kamara as the first Liberian to hold this prestigious position, noting that it was a significant achievement for both the nation and its people, as it demonstrates Liberia’s growing presence on the regional stage. The President encouraged the new DG to continue his excellent work, particularly in areas such as data management and revenue generation, and to explore innovative financing solutions for critical infrastructure development (that is, road and energy) across member countries and the ECOWAS region as a whole.
In conclusion, President Boakai wish DG Kamara well in his new role as DG of WAMA.
