Suffice it to say that efforts to address the resultant problems underpin the current far-reaching reforms undertaken by governments in the sub-region. These include financial sector reforms, public sector reforms and the privatization of public enterprises. Following several years of persistent reforms, some modest improvement has been registered in recent times. Real GDP growth rates of most countries in the sub-region averaged 4.3 percent in 2003, compared with 3.7 and 1.9 percent in 2001 and 2002 respectively. The average fiscal deficit to GDP ratio improved significantly, from 4.2 percent in 2002 to 0.7 percent in 2003, although most of the economies remained fiscally fragile. Inflation rate accelerated marginally to 6.0 percent from  BIS Review 43/2004  1  5.5 percent in 2002. Overall, the external sector of the sub-region improved somewhat as the current account position recovered from a deficit to GDP ratio of 4.3 percent in 2002 to 1.7 percent in 2003, driven by the significant turnaround in the export growth of 4.5 percent in contrast to the decline of 3.0 percent in the preceding year. Managing a post-conflict economy Here in Sierra Leone, the government has stayed the course in its reform programme with an accent on reconstruction and rehabilitation. Helped by the quick repossession of the agricultural and mining belts by government, real GDP grew steadily from 5.4 to 6.6 and to 7.0 percent in 2001, 2002 and 2003 respectively. The marked recovery in the export of cocoa and diamonds contributed significantly to GDP growth.
I want to commend WAIFEM for this initiative which has become an important platform for policy dialogue between the two arms of government and more importantly, strengthening the capacity of the parliaments in the vital areas of economic and financial management. It is in the realization of the useful role of such platforms in forging greater understanding among key stakeholders in the policy process that the Committee of Governors of Central Banks of ECOWAS member countries called for the reactivation of the periodic Consultative Forum of Ministers of Finance and Central Bank Governors of ECOWAS countries at its meeting in Dakar, Senegal on June 16, 2004. Looking at the pertinent issues to be dealt with in the course of your deliberations and the calibre of resource persons to facilitate the process, I have no reason to doubt that you are in for a round of stimulating and fruitful deliberations. Permit me therefore, to anticipate that you will come up with concrete and implementable proposals to facilitate a harmonious working relationship between the legislature and the executive in pursuance of their shared economic management objective. Towards regional monetary integration This has become particularly urgent in the light of the need to ensure that West African countries stay the course in their commitment to achieve economic convergence. But as you are aware, virtually all the countries have found it difficult to achieve and sustain, over time, the required level of economic performance under the convergence criteria.