A regional course in Monetary and Financial Statistics is underway in Accra.


The course is intended to prepare participants for the compilation of monetary statistics covering the Central Banks, Depository Corporations, and Other Depository Corporations’ sectoral balance sheets in accordance with international standards.


The course has been designed to cover topics such as Institutional Units and Economic sectors, Characteristics and Classification of Financial Instruments, Stocks, Flows and Accounting Rules, Revision of the Monetary and Financial Statistics Manual and Compilation, and the Compilation Framework for Monetary Statistics and Standardization Report Forms.


The others are Money Liquidity, Credit and Debts, Central Bank and Monetary Authorities Accounts, Other Depository Corporations’ Sectoral Balance Sheet and Survey, Depository Corporations Survey and linkages among Macroeconomics Statistics.


About 30 Participants are taking part in the 11-day course which is being organized by the West African Institute for Financial and Economic Management (WAIFEM) in collaboration with the International Monetary Fund (IMF).


In a key note address delivered on his behalf at the opening ceremony in Accra, yesterday, Dr Ernest Kwamina Addison, Governor of the Bank of Ghana, stressed the need for a stable, effective and efficient international financial system which is anchored on sound and internationally-agreed guidelines on statistical methodology.


Dr Addison said monetary and financial statistics were, therefore, key to ensuring that economies functioned properly at the national level and prerequisites for a well-functioning international financial system.


He noted that the compilation of monetary and financial statistics had become more complex overtime, given the recent changes in the nature of institutional units and other transactions as well as the increase in cross-border financial activities.


There was, therefore, the need, he said, for timely, accessible and qualitative data dissemination for economic analysis and policy implementation compatible with international financial data dissemination standards.


Dr Addison said the International community, through the IMF, had responded by strengthening the architecture of the international financial system through the development of a new Monetary and Financial Statistics Manual and Compilation Guide (NMFSMG) to guide member countries in the dissemination of economic and financial data to the public and to assist countries to improve the quality of data through internationally-agreed statistical methodology and reporting system.


Monetary and financial statistics compilers, he said, therefore, required professionalism, not only to perform the task, but also to serve and communicate with the users.


He said the need for professionalism, in turn, called for the upgrading of skills and capacities of the compilers of the statistics, without which there would be poor collection, compilation and dissemination on monetary and financial statistics, leading to the malfunctioning of  the national and international financial system.


In an address delivered on his behalf to welcome participants, the Director-General of WAIFEM, Prof. Akpan Ekpo, urged participants to fully avail themselves of the opportunity to deepen their professional working relationships to further the course of integration in the West Africa sub-region.


WAIFEM was established by the Central Banks of the Gambia, Ghana, Liberia, Nigeria and Sierra Leona in 1996 to build capacity for improved macro-economic and financial management in the constituent member countries.


The mission of the Institute is to develop, on a sustainable basis, expertise in the fields of Macro-economics, Debt and Financial Sector Management among staff of central banks, ministries of finance and economic planning, and other public sector bodies with the core economic management responsibilities.


WAIFEM has established collaborative arrangements with world class training organizations and capacity building institutions to ensure best practices in the delivery of its programmes, and as a Centre of Excellence in capacity building.


These organizations include the International Monetary Fund, World Bank, Commonwealth Secretariat, Debt Relief International, United Nations Institute for Training and Research (UNITAR), Commonwealth Secretariat, African Capacity Building Foundation (ACBF) and the United Nations Economic Commission for Africa (UNECA).


WAIFEM has also established other collaborations with the World Trade Organization (WTO), Institute for Training and Technical Co-operation (ITTC) and the African Policy Centre (ATPC) of the Economic Commission for Africa (ECA).


Source: ISD (G.D. Zaney)