Tuesday, May 21, 2013

WAIFEM equips West African economists for uncertain future

Economists from central banks and other financial institutions in West Africa are being train to reinforce their understanding on the working of the economy. 

The weeklong training, organised by the West African Institute for Financial and Economic Management (WAIFEM), is to prepare the economists to appropriately intervene in any uncertain economic environment.

The regional course on the fundamentals of macroeconomic analysis started on Monday in Banjul.

Speaking on the occasion, the Director General of WAIFEM, Prof Akpan H. Ekpo, said recent global financial crisis has raised serious concern about the need to develop adequate manpower base among institutions charged with managing the economy.
“It could be seen from the crisis that countries with weak macroeconomic fundamentals were more vulnerable to the propagation of the financial crisis,” he stated.

Prof Ekpo explained that the regional course seeks to offer the participants with the requisite theoretical and practical background that will broaden and deepen their knowledge and analytical skills on macroeconomic management.
The course has been designed to cover a number of key macroeconomic topics such as basic macroeconomic framework for policy analysis, openness in goods and financial analysis, the balance of payment and exchange rates, the interest rate and the exchange rate, the foreign exchange market, introduction to financial programming, and interrelations among macroeconomic accounts.

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 – The Gambia, Ghana, Liberia, Nigeria and Sierra Leone.
The mission of the institute is to develop, on a sustainable basis, expertise in the fields of macroeconomic, debt and financial management among staff of central banks, ministries of finance and economic planning and other public sector bodies with the core economic management responsibilities.

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