Sovereign borrowing from global capital markets training underway

Wednesday, July 17, 2019

A four-day course on sovereign borrowing from global markets; international capital markets for financial dealers within West Africa is currently underway at Paradise suites hotel in Kololi. The training is organised by West African Institute for Financial and Economic Management (WAIFEM).

Momodou Lamin Jarju, WAIFEM debt management department program manager, who represented the director general of WAIFEM explained that the institution was established on July 22, 1996 by the central banks of The Gambia,  Ghana, Liberia, Nigeria and Sierra Leone with core mandate to develop critical skills for macroeconomic,  debt and financial management on a sustainable basis, among officials of the central banks, finance ministries,  core economic and planning ministries and other public sector agencies responsible for economic management and promotion of some practices.

“From January 1997 when the institute commenced operation to end June 2019, over 727 training and capacity building programmes in the form of national and regional courses, workshops, seminars,  and mission were executed by WAIFEM.”

He said the activities have benefited over 19,523 middle, senior and executive level officials from central banks, finance ministries, economic planning and development, budgets, accountant general departments, statisticians, debt managers, legislators and journalists and some private sector organisations.

He reiterated that WAIFEM also established collaborative arrangements with world class training organisations and capacity building institutions to ensure best practices in the delivery of its programmes, and as a centre of excellence in capacity building.

Karamo Jawara, director of banking at the Central Bank of The Gambia, who represented the governor explained that global financial conditions in recent years have provided developing countries with opportunities to tap international capital markets by increasing access to non - confessional financing.

He said there are many benefits associated with insurance at international capital markets such as a Eurobond, saying it serves as an alternative source of financing that some governments in Sub-Saharan Africa are tapping in due to many reasons. “African countries have huge infrastructure deficit.  It is obvious that these countries need to spend a lot of money on roads, railways, ports, water and energy to ensure steady economic growth. It makes good economic reasoning for a country to borrow to fill the financing gap.”

Josephine Robert, Executive assistant to the WAIFEM director general thanked the government and central bank of The Gambia, saying the training could not have taken place without the help of them.

Author: Pa Modou Cham