Dr Kwabena Duffuor, Minister for Finance, on Thursday called for a change in approach towards achieving regional integration and make it a collective endeavour worthy to be pursued jointly by both private and public sectors.
"Regional integration is an important strategic developmental issue requiring the active participation of all stakeholders especially the public and private sectors," he said.
"Unfortunately, in our sub-region this has not been the case and regional integration has been perceived as a government-to-government affair and it is seen in many quarters of our society as the preserve of various governments in the region who meet once or twice a year amidst great publicity and fanfare to sign protocols and agreements that no one implements," he added.
These were contained in an address read on his behalf at the opening of a two-day workshop on the establishment of the Private ECOWAS Financial Improvement Board (PEFIB).
The event was organised by the Ghana Association of Bankers to present the main objectives and priority areas of the PEFIB initiative.
PEFIB is aimed at facilitating regional financial integration through the identification and development of strategic policy proposals by the private sector to enhance competitiveness and harmonization in order to promote rapid economic growth and sustainable development in the ECOWAS countries.
Dr Duffuor called for measures to protect economies by coordinating macro-economic policy actions within the context of the regional grouping.
"The last few years have witnessed increased cross-border banking activities in our sub-region and at the global level we have seen a severe credit crunch and the collapse and subsequent nationalization of banking and financial institutions especially in the U.S. and Europe.
"The implication for us of these two developments in our sub-region and at the global arena is that we need to come together, harmonize financial policies and work together, on one hand, in a more coordinated and orderly manner as a region and on the other, in order to withstand any externally induced negative shocks arising from the global crisis."
Dr Duffuor said challenges arising from the global financial crisis and increases in food and fuel prices had led to large fiscal and trade deficits, higher rate of inflation and increase in the national debt and depreciation of the cedi due to Ghana's heavy dependence on imported food and fuel.
He gave the assurance that government's 2009 budget would reduce current budget deficit to sustainable levels, improve the exchange rate regime and work towards a single digit inflation rate.
Dr Duffuor said it was government's intention to partner the private sector by providing the necessary enabling policy environment and incentives for the growth of enterprises as well as efficient and effective delivery of public services.
Mr Jude Arthur, President of Ghana Association of Bankers (GAB), said the main priority areas of PEFIB included providing executive coaching in cross-border strategies, improving bank market research and information, resolving cross-border disputes and organizing position papers to advocate policy adjustments.
Participants were from major banks, finance institutions and international donors active in the region.