Governor of the Bank of Ghana

Dr. Ernest Addison, the Governor of the Bank of Ghana, has urged Compilers in West African countries to enhance their knowledge on the compilation of Monetary and Financial Statistics to suit international best practices.

According to him, it is important for the stability of the international financial system, as the compilation of monetary and financial statistics has become more difficult amid changes in the nature of transactions, including changes in the nature of institutional units and other transactions and as well as increase in cross-border financial activities.

This was made known in a speech read on his behalf at the opening session of a two-week course on Monetary and Financial Statistics expected to end on October 27th, organized by the West African Institute for Financial and Economic Management (WIAFEM) in collaboration with the International Monetary Fund (IMF) and the Bank of Ghana in Accra, at Erata Hotel, on 16th October, 2017.

Admittedly, Dr. Ernest Addison said, Compilers of Financial and Monetary Statistics have since been facing challenges of monitoring and improving data quality in the context of the rapid changes in the international financial sector.

He therefore said, there is the need for timely accessible and qualitative data dissemination, for economic analyses and policy implementation, compatible with international financial data dissemination standards.

Dr. Addison emphasized on the IMF’s New Monetary and Financial Statistics Manual and Compilation Guide (NMFSMG), was intended to help member countries to improve the quality of their data through internationally agreed statistical methodology and reporting system.

“The need to upgrade the skills and capacities of compilers cannot be over-emphasized. Failure to appreciate the importance of acquiring the requisite skills often leads to poor collection, compilation and dissemination of monetary and financial statistics,” he noted.

Mr. Rutto Nelson Kipkoech, Senior Economist with IMF, said the Fund was delighted to work together with WIAFEM in ensuring the sensitization of compilers in the financial sector in West Africa through the understanding of the NMFSMG.

Prof. Akpan H. Ekpo, the Director General of WAIFEM, on his part in a welcome address read on his behalf indicated that, the two-week course was designed to train participants on the issues of the principles of residency and economic sectorization, the characteristics and classification of financial instruments, valuation, and other accounting issues relevant to the compilation of monetary policies.

He said, participants would compile monetary statistics for the central banks, depository corporations and other depository corporations according to the methodology, recommended by the NMFSMG.

Prof. Ekpo therefore urged Anglophone countries in West Africa, to learn the French language by saying, “The Anglophone countries in the sub-region cannot underestimate the importance of French language if they want to be successful in their communication, business, diplomacy and interactions in other areas with French speaking countries.”

By:Sammy Adjei/Newsghana.com.gh

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