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| Participants & Facilitators:PHOTO/M.E. NJIE |
The
West African Institute for Financial and Economic Management (WAIFEM) is
holding a two-week course in an attempt to defence against potential threats
posed by heightened uncertainty from headwinds in the global economy due to the
slow recovery from the crisis in Europe and the potential fiscal difficulties
in the United States.
The
course on “External vulnerabilities and
policies” which is being presided over by WAIFEM in collaboration with the International Monetary Fund (IMF) is underway in the Gambian capital, Banjul
from October 29 to November 9, 2012.
40 participants from WAIFEM member central banks are attending.
40 participants from WAIFEM member central banks are attending.
It
is meant to examine the possible impact financial crisis in Europe and America
could pose on WAIFEM member countries such as Ghana, Guinea Conakry, Liberia,
Nigeria, Sierra Leone and The Gambia.
Economic
think-tanks have noted that while economic growth remains robust in many West
African countries, the outlook suggests that countries could remain broadly
resilient to the weak global economic environment.
Strains
are however reported to be emerging in some cases with weak exports and a dip
in tourism, dragging down output growth and counteracting the buoyancy of
private consumption and investment, according to WAIFEM.
“Many
of our countries in the sub-region have also been grappling with currency
substitution or dollarization, there by exacerbating the challenge of
macroeconomic management,” WAIFEM’s Director General Prof. Akpan H. Ekpo
observed on Monday.
Among
key questions to be addressed during the course will be: “What underlines a
country’s vulnerability to external shocks? Why do some countries suffer so
much from external shocks whilst others remain unscathed? And what are the
solutions?”
Prof.
Ekpo agreed. He admitted that “the challenge of vulnerability to external
shocks remains significant, and hence the need for capacity building for public
servants and policymakers to direct and design appropriate measures to address
these policy challenges.”
Over
the two weeks, the course will cover a number of key topics such as
“macroeconomic management of capital flows; financial crises; managing natural
resource revenues: the role of capacity development and institutions; hedging
commodity prices; policy choices to manage natural resource revenues’
government debt management; managing aid flows; exchange rates regimes;
policies and indicators of competitiveness; and hands-on exercises.”
About
Established
as a collaborative sub-regional capacity building organisation in July 1996 by
the central banks of five Anglophone countries which admitted its newest member
(Guinea) in 2012, WAIFEM’s mission is to develop on a sustainable basis
expertise in the field of “macroeconomic, debt and financial management” among
staff of central banks, ministries of finance and economic planning and other
public sector bodies with core economic management responsibilities.
The
Institute is mandated to conduct research and consultancy in the area of
macroeconomic policy management and promote best practices. Some 11000 people
have benefited from 300 courses organised by WAIFEM since inception.
This story was first published on The Voice newspaper edition of Thursday, November 1, 2012
Written by Modou S. Joof
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