The West African Institute for Financial and Economic Management (WAIFEM) has called for collaboration between fiscal authorities and the central bank to promote growth.
According to WAIFEM, a close interaction between the monetary and fiscal policies will not only promote growth but increase direct infrastructure development to the real sector of the economy.
Speaking to Citi Business News, the Programme Manager of WAIFEM, Gabriel Asante stated that a good collaboration of the monetary and fiscal sectors will prepare the foundation for the private sector to thrive.
“If you want to grow the economy in an integrated form you have to bring all the important sectors such as the monetary sector, fiscal sector, and the external sector together to create the platform for the private sector,” he stressed.
Touching on how WAIFEM will drive the idea, Mr. Asante maintained that tested modules will be used to understand the various economies in West Africa on how to interconnect the sectors.
As part of the decision, WAIFEM brought together personalities from central banks and finance ministries across the West African sub-region.
The meeting which will last for two weeks was organized in collaboration with the International Monetary Fund(IMF).
“The mission of WAIFEM is to develop on a sustainable basis, expertise in the fields of macroeconomics, debt and financial sector management among the staff of central banks, ministries of finance and economic planning and other public sector bodies with the economic management responsibilities,” he noted .
Mr. Asante pointed out that WAIFEM will also conduct research in the area of macroeconomic policy management and promotion of best practices.
He stated that WAIFEM has successfully executed over 571 courses since its inception.
“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 center of Excellence in capacity building,” he said.
By: Lawrence Segbefia/citibusinessnews.com/Ghana