Currency Managers in West Africa are exploring innovative ways to safeguard the value of their respective currencies by reducing activities of money laundering and counterfeiting.

Currency Management is one of the critical functions in central banks operations. The integrity of a currency and its efficient supply are clear indicators of a well-functioning central bank.

Of particular concern within the sub-region is the issue of counterfeiting and money laundering which continue to pose significant threat to financial systems.

In light of this, the West African Institute for Financial and Economic Management (WIAFEM) organized a workshop for currency managers within West Africa on currency management and forecasting to brainstorm and map out innovative policies to minimise the menace.

Delivering the keynote address on behalf of the Governor of the Bank of Ghana, Head, Centre for Capacity Development at the Bank of Ghana, Emmanuel Quao, urged central banks to incorporate and embrace requisite security features to deter counterfeiting and enhance durability.

“Central Banks also need to safeguard the value of the currency through various measures such as initiating policies relating to the issue and redemption of currency, initiatives to prevent and minimise money laundering and counterfeiting”.

He added that it is imperative to build the capacity of Currency Managers to foster financial stability within the region.

Speaking to Joy Business, Director in charge of Research and Macroeconomic Management at WAIFEM, Dr. Emmanuel Owusu Afriyie said the role of currency management is an integral part of overall economic management.

“Currency management is one of the critical functions in central bank’s operations. Indeed the integrity of a currency and its efficient supply are clear indicators of a well-functioning central bank”.

The regional workshop is designed to explore key challenges that confront central banks in currency management and how they can be confronted.