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Waifem West African Institute for Financial And FOR FIN TE AN U C IT I WESTAFRICAN T A S L N A I N INSTITUTEFOR N D A E C C I O R FINANCIALAND F N A O T WAIFEM M S I E ECONOMIC C W MA T NAGEMEN MANAGEMENT 2009 ReportAnnual WEST AFRICANINSTITUTE FORFINANCIAL AND ECONOMICMANAGEMENT (WAIFEM) FOR FIN TE AN U C IT I T A S L N A I N N D A E C C I O R F N A O T WAIFEM M S I E C W MA T NAGEMEN ...Buildingcapacityformacro-economicandFinancialManagement 2009 ReportAnnual I WestAfricanInstituteForFinancialAndEconomicManagement(WAIFEM) TABLE OF CONTENTS Board of Governors VI Foreword VII Preface IX Principal Officers of the Institute XI 1.0 OPERATIONS OF WAIFEM 1 1.1 OVERVIEW OF PROGRAMME ACTIVITIES 1 1.2 DEBT MANAGEMENT DEPARTMENT 1 1.2.1 Regional Course On Middle Office Operations And Risk Management, Accra, Ghana, March 2 - 13, 2009. 1 1.2.2 Regional Workshop On Domestic Debt Management And Money Market Operations, Lagos, Nigeria, May 18 - 22, 2009 2 1.2.3 Sierra Leone National Debt Sustainability Analysis (DSA) Freetown, Sierra Leone July 6 - 17, 2009 2 1.2.4 WAIFEM/World Bank Government Debt Management Performance Assessment Mission To Sierra Leone July 20 - 31, 2009 4 1.2.5 The Gambia National Debt Sustainability Analysis Workshop, Banjul, The Gambia August 26 to September 8, 2009 4 1.2.6 WAIFEM/World Bank Government Debt Management Performance Assessment (DEMPA) Mission to Liberia September 7 - 16, 2009 6 1.2.7 Debt Experts Attachment November 9-20, 2009 Madrid and London 6 1.2.8 WAIFEM/MEFMI Regional Medium Term Debt Strategy Workshop (MTDs) November 16 25, 2009, Kigali, Rwanda 7 1.2.9 Regional Debt Managers' Seminar December 8- 10, 2009, Accra Ghana 8 1.3 FINANCIAL SECTOR MANAGEMENT DEPARTMENT 8 1.3.0 Introduction 8 1.3.1 Course on Specialized Report Writing and Communication Skills for Staff of Central Bank of Nigeria, February 2 - 13, 2009, Abeokuta, Nigeria 8 1.3.2 National Course on Money Market Operations and Development for The Gambia, March 4 - 6, 2009, Banjul, The Gambia 9 1.3.3 Regional Seminar on International Remittances for Economic Development, March 9 -13, 2009, Banjul, The Gambia 10 1.3.4 Regional Course on Optimizing Reserves and Foreign Exchange Management for Income Generation, May 11 - 15, 2009, Accra, Ghana 11 II Contents 1.3.5 Regional Course on Computer Applications in Accounting, Auditing and Financial Management, July 13 - 20, 2009, Lagos, Nigeria 12 1.3.6 Regional Course on Operations and Regulation of Capital Market, July 27 - 31, 2009, Accra, Ghana 13 1.3.7 Regional Course on Advanced Banking Supervision, October 12 - 16, 2009, Lagos, Nigeria 14 1.3.8 Sub-Regional Course on Payments System Development for a Post-Conflict Economy, November 23-27, 2009, Monrovia, Liberia 15 1.4 MACROECONOMIC MANAGEMENT DEPARTMENT 16 1.4.0 Introduction 16 1.4.1 Regional Workshop On Research, Survey Methods, Data Management And Information Technology, Lagos, Nigeria February 16 - 27, 2009 16 1.4.2 Regional Course On Macroeconomic Analysis, Lagos, Nigeria, February 23- 27, 2009 17 1.4.3 Regional Course On Project Appraisal, Monitoring And Evaluation, Lagos, Nigeria, April 20 - 30, 2009 18 1.4.4 Regional Course On Government Finance Statistics, Banjul, The Gambia, June 1 - 12, 2009 19 1.4.5 Regional Course On Financial Programming And Policies, Accra, Ghana, July 6-17, 2009 20 1.4.6 Regional Forum on The Global Financial Crisis For Legislators, Accra, Ghana, July 20 - 24, 2009 21 1.4.7 Regional Course On Public Finance, Lagos, Nigeria August 37, 2009 23 1.4.8 Seminar On Econometric Modelling And Forecasting For Inflation Targeting Freetown, Sierra Leone, September 14 - 17, 2009 25 1.4.9 Course On Econometric Modelling And Forecasting For CBN Staff, Minna, Nigeria, October 5 - 30, 2009 26 1.4.10 Course On Analytical Tools For The Staff Of Currency And Banking Operations Department Of CBN, Minna, Nigeria, November 9 - 13, 2009 27 2.0 ADMINISTRATION & FINANCE 28 2.1 ADMINISTRATION 28 2.1.1 First Director General Disengaged From WAIFEM 28 2.1.2 Recruitment and assumption of duty of the Director General 28 2.1.3 Staff Training 28 2.1.4 Resignation of Employment 28 2.1.5 WAIFEM's New Website 28 2.1.6 Disengagement of Seconded Directors 28 2.1.7 International Relations: Phase 3 of ACBF Project 28 2.1.8 Recruitment of Directors 29 2.1.9 Publications 29 III WestAfricanInstituteForFinancialAndEconomicManagement(WAIFEM) 2.2 WAIFEM FUNDING 29 2.2.1 Central Banks' Contribution 29 2.2.2 Contribution from Donors 29 2.2.3 African Capacity Building Foundation (ACBF) 29 2.2.4 Debt Relief International (DRI) 29 2.2.5 International Monetary Fund (IMF) Institute 29 2.2.6 Development Finance International (DFI) 29 3.0 COUNTRY ECONOMIC REPORTS 30 3.1 THE GAMBIA 30 3.1.1 Output 30 3.1.2 Consumer Prices 30 3.1.3 Monetary Developments 30 3.1.3 Fiscal Developments 31 3.1.4 Interest Rates 32 3.1.5 External Sector 33 3.1.6 Foreign Exchange Developments 34 3.1.7 Domestic Debt 34 3.1.8 External Debt 35 3.2 GHANA 35 3.2.1 Overview 35 3.2.2 Real Sector Developments (Output and Prices) 36 3.2.3 Fiscal Developments 36 3.2.4 Monetary and Credit Developments 37 3.2.5 External Sector Developments 39 3.2.5.5 Foreign Exchange Market 41 3.3 LIBERIA 42 3.3.1 Real Sector Performance 42 3.3.2 BANKING SECTOR Developments 43 3.3.3 External Sector Developments 46 3.3.4 National Stock of Debt 48 3.4 NIGERIA 49 3.4.1 Introduction 49 3.4.2 Domestic Output 49 3.4.3 Domestic Prices 49 3.4.4 Federal Government Fiscal Operations 49 3.4.5 Monetary Developments 50 IV Contents 3.4.6 Interest Rates 50 3.4.7 The External Sector. 51 3.4.8 Exchange Rate Movements 51 3.4.9 Economic Outlook 51 3.5 SIERRA LEONE 52 3.5.1 Introduction 52 3.5.2 Domestic Output 52 3.5.3 Fiscal Operations 53 3.5.4 Monetary Developments 53 3.5.5 External Sector 54 3.5.6 Exchange Rate Developments 54 4.0 OVERVIEW OF ECONOMIC DEVELOPMENTS IN WEST AFRICA 55 5.0 OVERVIEW OF ECONOMIC PERFORMANCE IN AFRICA 55 5.1 MACROECONOMIC OUTCOMES IN 2009 57 5.2 PROSPECTS FOR 2010 57 TABLE 5.2: Subregional Macroeconomic Indicators, 2009 58 6.0 DEVELOPMENTS IN THE INTERNATIONAL ECONOMY 59 6.2 ADVANCED ECONOMIES 59 6.3 EMERGING AND DEVELOPING ECONOMIES 59 6.4 WORLD TRADE 60 6.5 WORLD ECONOMIC PROSPECTS IN 2010 61 6.6 EMERGING AND DEVELOPING ECONOMIES 61 ANNEX 1: Sub-saharan Africa: Selected Macroeconomic Indications (%GDP) 62 ANNEX 2: Regional Output Growth Rate (%) 62 ANNEX 3: Real Gdp & Consumer Prices (Annual % Change) 63 ANNEX 4: Summary Of World Output Annual % Change 63 ANNEX 5: Inflation (% Change) 64 V WestAfricanInstituteForFinancialAndEconomicManagement(WAIFEM) WAIFEMBOARDOF GOVERNORS MallamSanusiLamidoSanusi, CFR Governor,CentralBankofNigeria Chairman,BoardofGovernors,WAIFEM Hon.MomodouB.Saho Hon.Kwesi Amissah-Arthur Governor,CentralBankof TheGambia Governor,BankofGhana Hon.ShekuS.Sesay Hon.JosephMillsJones Governor,BankofSierraLeone ExecutiveGovernor, CentralBankofLiberia Prof. AkpanH.Ekpo DirectorGeneral,WAIFEM &Secretary,BoardofGovernors VI WestAfricanInstituteForFinancialAndEconomicManagement(WAIFEM) Foreword am pleased to present you the Annual Report and Statement of Accounts of the West African Institute for IFinancial and Economic Management (WAIFEM) for the year ended December 31, 2009.As in the previous years, the Report covers the three areas of core competencies of WAIFEM, namely, debt, financial sector and macroeconomic management, the economic reports of constituent countries, economic performance in Africa, and developments in the international economy. MallamSanusiLamidoSanusi, CFR Governor,CentralBankofNigeria Chairman,BoardofGovernors,WAIFEM Although the implementation of the second phase of the Institute's medium-term capacity building programme (CBP) which commenced in January 2006 still has one more year to come to its formal closing in December 2010, all indications are that performance has already surpassed the projected qualitative and quantitative outputs. While the CBP II projected a total of 2,000 beneficiaries in the Institute's programmes over the programme cycle, the actual as at end December 2009 was nearly 4,166. The CBP phase II was designed to consolidate the gains of phase I and train a critical mass of skilled officials engaged in debt, financial sector and macroeconomic management, the three areas of core competencies of WAIFEM. Specifically, in 2009, the Institute recorded tremendous achievements in the execution of its capacity building activities during the year with the execution of 31 training and capacity building activities benefiting 803 participants. A hallmark in the Institute's administration in the year under review was the retirement on January 31, 2009 of Dr. Osi Chris Itsede, founding Director General, who served the Institute from July 22, 1996. On June 1 2009, renowned Professor of Economics, Professor Akpan H. Ekpo assumed duty as the new Director General of WAIFEM. In November 2009, the Board of Governors also recruited Mr. Baba Y. Musa from Nigeria and Ousman Sowe from The Gambia as new Directors for Debt Management and Financial Sector Management Departments of the Institute respectively. Different reviewers of the Institute's training programmes have confirmed that it has built a strong organizational structure and a sound institutional base. The commitment of member countries remain firm and the support that the institution enjoys from various stakeholders has also remained strong. With this excellent performance, I have no doubt in my mind that WAIFEM as a centre of excellence has demonstrated its sustained relevance in strengthening capacity in its three core areas of competencies namely, debt, VII WestAfricanInstituteForFinancialAndEconomicManagement(WAIFEM) financial sector and macroeconomic management in the sub-region.
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