Regional course on government Finance Statistics opens

Kodjo Adams, GNA

Accra, July 18, GNA –
A one-week regional course on government Finance Statistics organised by the
West African Institute for Financial and Economic Management (WAIFEM) in
collaboration with the Bank of Ghana is underway in Accra.

The training programme
which brought together 24 participants from Ghana, the Gambia, Liberia, Nigeria
and Sierra Leone was to expose them to understand how existing fiscal data
could be used effectively.

It was also to give
participants an insight about how to improve on the sourcing of data and to
optimise it in fiscal analysis and explore issues related to data reporting to
the International Monetary Fund as well as good practices in special data
dissemination standard.

Dr Ernest Addison,
Governor of Bank of Ghana, speaking at the opening session explained that
government Finance Statistics Manual was an internationally accepted accrual
accounting framework for government statistics, fully integrated into the
United Nations System of National Accounts framework.

He said the framework
provided a basis for analysing public investment while providing a common
language that fiscal analysts can use to develop a reliable approach to
handling new and complex government operations.

“Government Finance
Statistics plays an important role in helping policymakers, analysts,
academicians and the public to understand the financial operations, financial
position and liquidity situation of the general government sector in an
organised manner”, he added.

Dr Addison said it was
the responsibility of governments to design fiscal and monetary policies that
would guide the economy in a sustainable manner, hence the need for the
training course.

The Governor said in
terms of sustainability, the framework provides net worth leading indicators to
assess medium and long-term impact of government policies, and a comprehensive
assessment of the financial position.

He urged the
participants to optimise the opportunity to enhance their knowledge and skills
to improve fiscal policies of their respective countries.

Prof Akpan Ekpo,
Director General of WAIFEM, said WAIFEM was established by the central banks of
Ghana, The Gambia, Liberia, Nigeria and Sierra Leone in 1996 to build capacity
for improved macro-economics and financial management in the constituent member

He said after
completion of the course, participants were expected to understand and explain
the framework according to the government Finance Statistics Manual 2014


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