Accra, Jan. 30, GNA - President John Agyekum Kufuor on Friday said ECOBANK had been an indispensable underpinning in the economic development of the West Africa Sub-region.

He said the Bank had been imbued with the vision of ECOWAS and had done well and played its role in the globalised world not as a private institution but a public sector institution.

President Kufuor made the observation when Mr Philip Asiodu, in-coming Chairman of the ECOBANK Group, paid a courtesy call on him at the Castle, Osu.

The out-going Chairman, Mr G. K. Djondo accompanied Mr Asiodu. President Kufuor said in line with ECOWAS' pursuit for economic development, people within the Sub-Region would count on the Bank for assistance.

He, therefore, asked the Bank to be mindful of the efforts being made by the various governments for economic emancipation. President Kufuor said unfortunately ECOWAS had not shown much success in economic development except on security to solve conflicts creating the impression that the unification was giving way to conflicts resolutions.

Mr Asiodu said the Bank with about 12 subsidiaries within the Sub-Region was established to get the private sectors from the Anglophone and Francophone countries to integrate economically. He said ECOBANK, Ghana had been the flagship of all the subsidiaries due to the government's fiscal and monetary policies and looked forward for their continuation.