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Kudos to WAIFEM

May 27, 2015, 12:31 PM

In its bid to grow strong human capital in the sub-region, the West African Institute for Financial and Economic Management (WAIFEM) is to commence e-learning programmes – diploma and advanced diploma levels – in banking supervision and public debt management.

The sub-regional capacity building institution is also at an advanced stage with plans to kick-start French language courses, with the intention of facilitating communication in the ECOWAS sub-region.

Since establishment in 1996 by The Gambia, Ghana, Liberia, Nigeria and Sierra Leone, WAIFEM has remained true to its mandate and mission of developing competencies in the fields of macroeconomic, debt and financial sector management, among others.

The institute, headquartered in Lagos, Nigeria, has so far successfully executed more than 500 courses, benefiting at least 14,000 middle and senior level executives from the sub-region and beyond.

Public sector bodies such as financial and economic management entities, the national parliaments, the mass media and relevant private sector agencies in the sub-region have been benefiting from WAIFEM programmes.

The institute has not been providing training courses single-handedly; it also collaborates with world-class training organisations and capacity building institutions such as the International Monetary Fund and the World Bank to ensure best practices in the delivery of its programmes.

It has also continued to devise ways and means of improving and expanding on its training programmes in all the areas where the need arises in the sub-region, hence its introduction of courses in banking supervision and public debt management.

Banking operations continue to increase in complexity in the sub-region, reflecting the need for more competent hands to supervise and regulate the operations of the industry.

In the same vein, most or all the governments in the sub-region have continued to grapple with high and apparently unsustainable public debt. 

Therefore, knowledge of sound and modern public debt management is necessary to enhance clarity between monetary policy implementation and debt management for sustainable growth.

We are hopeful that these diploma and advanced diploma training courses will further prepare all the potential candidates on the methods, strategies and policy issues of banking supervision and debt management.

Similarly, the French course, when finally commenced, will not only facilitate communication in the sub-region, but will also serve as an effective instrument for facilitating trade across West Africa.

The language barrier created by the pattern of colonialism has discouraged much meaningful relations across the Anglophone-Francophone divide.  

Therefore, providing an opportunity for the acquisition of the knowledge of French will increase the number of trade and financial transactions within ECOWAS, which in turn will spur more economic development in the sub-region.

As we thank WAIFEM for the splendid job they have continued to do, we call on all the member states and all other relevant stakeholders to give full support to the institutions, particularly in driving home its new endeavours.

Well done WAIFEM – keep it up!

“ Education is that whole system of human training within and without the school house walls, which molds and develops men.”

W. E. B. Du Bois