five days West African regional course on economic analysis techniques,
monetary policy and financial management organised by West African Institute
for Financial and Economic Management (WAIFEM) is currently underway at a local
hotel in Senegambia.
Director General Dr. Baba Y. Musa explained that WAIFEM was established by the Central Bank of The Gambia, Ghana, Liberia, Nigeria and Sierra Leone in 1996 with the principal mandate to strengthen capacity for improved macroeconomic and financial management in the constituent member countries.
“Since the establishment of the institute, it has successfully conducted 6, 93 courses, workshops and seminars in which 18, 556 participants from the sub-region and beyond benefited,” he said.
Mr. Musa explained that they had collaboration with reputable institutions, among them is the International Monetary Fund, World Bank, Commonwealth secretariat, Debt Relief International and United Nations Institute for Training and Research to ensure that the institution’s programmes conform to international standards.
According to him, they have also extended operations to the private sector by establishing a business development and consultancy unit that targets to empower the sub-region’s private sector.
Second deputy governor of the Central Bank of The Gambia Essa AK Drammeh said economic analysis seeks to isolate relationships of a cause and effect in economy by generalising production, technology and human behavior.
“The techniques often adopted for economic analysis are the building blocks for macroeconomic management. They are designed to sharpen the analytic skills of relevant technical staff of institutions and government agencies involved in economic management,” he added.
Mr. Drammeh explained that the current economic crises which began in the 1980s, have made it mandatory for institutions involved in economic management to build and strengthen their indigenous capacity for policy making and analysis. “Central Bank of The Gambia recent reform measures are geared towards ensuring sound, strong and stable financial system. It is only rational that these reforms be complemented with sustained capacity building to provide a ready manpower-base.”