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WAIFEM Recommits To Capacity Building Of West Africans
By Robert Dixon
MONROVIA, October 27 (LINA) - The Director-General of the West African Institute of Financial and Economic Management (WAIFEM), Prof. Akpan H. Ekpo, has reiterated the Institute's commitment to building the capacity of financial and economic managers in the sub-region.
He was speaking at the end of a two-week regional workshop on economic and financial analysis for journalists and financial analysts in Monrovia.
During the workshop, he admonished the participants to utilize the knowledge and skills acquired to improve and better their respective countries.
The training covered topics such as ‘basic micro-economic model,’ ‘design and tools of monetary policy’, ‘regional economic integration, challenges and prospects,’ among others.
According Ekpo, WAIFEM was established as a collaborative sub-regional capacity building organization in July 1996 by the central banks of the five West African Anglophone countries of Gambia, Ghana, Liberia, Nigeria and Sierra Leone.
He said its mission is to develop, on a sustainable basis, expertise in the fields of micro-economics, 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.
He commended the Liberian Government and the Central Bank of Liberia (CBL) for hosting the workshop.
Also speaking, Richard Dorley, Director for Multilateral Relations at the CBL, 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 in the sector.
Dorley said those principles are needed in several key financial areas, such as the Gross Domestic Product (GDP), inflation and unemployment rates, external and internal factors of the financial sector 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).