Closer to home, the turn around of the former PNG Banking Corporation, prior to its sale, other financial institutions that the Bank supervises, such as superannuation funds (case of NPF) from loss-making institutions to profitable ones in a short space of time was based on one thing alone; the newly appointed Board and management of these institutions ensured that everyone was diligent and followed the established rules and guidelines re-sounding good governance.
Most of our active members have been meeting a number of the macroeconomic convergence targets, as we continue harmonization and co-ordination of macroeconomic and monetary policies. We recently embarked on Stage III (year 2009–2012) of the programme, whose successful implementation and assessment of macroeconomic performance will form a basis for the establishment of a Continent wide common Central Bank. In addition Hon.