The West African Institute for Financial and Economic Management (WAIFEM) has ended a one-week (October 17 to 26) regional workshop on economic and financial analysis for journalists and analysts in Monrovia.
The training covered topics such as ‘basic microeconomic model, design and tools of monetary policy’, ‘regional economic integration, challenges and prospects.’
Others include ‘fiscal policy management with emphasis on budget,’ ‘revenue taxation and expenditure on government policy.’
Speaking at the closing ceremony held yesterday at the Central Bank of Liberia (CBL), WAIFEM Director General Prof. Akpan H. Ekpo reiterated the Institute’s commitment to building the capacity of financial and economic managers in the West African sub-region.
He admonished the participants to utilize the knowledge and skills acquired for the improvement and betterment of their individual countries.
Prof. Ekpo then commended the Liberian government and the CBL for hosting the workshop.
He said WAIFEM was established as a collaborative sub-regional capacity building organization in July 1996 by the central banks of the five Anglophone countries of West Africa, namely: The Gambia, Ghana, Liberia, Nigeria and Sierra Leone.
He said their mission is to develop, on a sustainable basis, expertise in the fields of macroeconomics, debt and financial management among the staff of central banks, ministries of finance and economic planning and other public sector bodies with core economic management responsibilities.
It also has the mandate to conduct research and consultancy in macroeconomic policy management and promotion of best practices.
The workshop was spearheaded by senior financial and banking executives of central banks from member countries.
Richard Dorley, Director for Multilateral Relations at the Central Bank of Liberia, who spoke on behalf of Governor Milton A. Weeks, thanked the WAIFEM management for the training.
He stressed the need for the participants to report timely, accessible and quality data for economic and financial analysis and policy implementation of the sector.
Mr. Dorley said these principles are needed in several key financial areas, such as the Gross Domestic Product (GDP), inflation and unemployment rates, external and the financial sectors as well as money laundering.
WAIFEM is coordinated through a Governing Board of the six central banks that constitute the West African Monetary Zone (WAMZ) under the Economic Community of West African States (ECOWAS).