Empowering West Africa through Capacity Building in Financial and Economic Management
Research & Macroeconomic Management
RMMP 01-R: Joint WAIFEM/MEFMI/IMF Workshop on Monetary and Financial Statistics (MFS)
Date: March 24 – 28, 2025
Duration: 5 Days
Venue: Blended
Introduction
Compilation of monetary and financial statistics (MFS) is crucial for understanding the financial sector of the economy. It also helps in providing effective supervisory and regulatory oversight of the sector. A properly compiled MFS is also a useful tool for monetary policy formulation and analysis. In compiling monetary and financial statistics, there is a need to understand the principles of residency and sectorization of institutional units, the characteristics, and types of financial instruments, valuation principles, and other relevant accounting issues. To this end, WAIFEM, in collaboration with IMF and MEFMI, will organise a Regional Course on Monetary and Financial Statistics.
Objectives of the Course
Upon completion of the course, participants will be able to:
- Compile monetary statistics (sectoral balance sheets and surveys) for the central bank (CB), other depository corporations (ODC), and depository corporations (DC) sectors according to the methodology recommended by the Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG) using the standardised report form;
- Classify properly balance sheet accounts according to residency, counterpart sector, and type of financial instrument, and correctly apply valuation and other accounting principles;
- Discuss how the DCs survey and the main monetary and credit aggregates support the analysis of monetary policy; and
- Articulate the treatment of electronic money, including mobile money and central bank digital currencies (CBDCs) in MFS.
Course Description
The course introduces participants to the compilation of monetary statistics covering CB and ODCs in accordance with international standards. The course covers the following topics:
- Monetary statistics (sectoral balance sheets and surveys) for the central bank (CB), other depository corporations (ODC), and depository corporations (DC) sectors;
- Characteristics of DCs;
- Standardised Report Forms (SRFs 1SR and 2SR);
- Consolidated Balance Sheet of the DCs Sector; and
- Treatment of e-Money in the MFS.
Who May Attend?
The course is intended for junior and mid-level officials of Central Banks and other financial regulatory agencies responsible for compiling monetary statistics, Statistical Offices, Ministries of Finance and Economic Planning, and other relevant public sector agencies. Participants are expected to have a degree in economics or statistics or equivalent experience
Delivery Modalities
The course consists of lectures and exercises covering practical aspects of compiling monetary statistics, especially the use of financial statements for filling out standardised report forms (SRFs 1SR and 2SR) and the derivation of respective surveys for the CB, ODCs, and the consolidated DCs sector. It will be facilitated by consultants from the International Monetary Fund (IMF).
RMMP 02-R: Regional Course on Exchange Rate Regimes and Policies
Date: April 7 – 11, 2025
Duration: 5 days
Venue: Freetown, Sierra Leone
Introduction
The exchange rate is one of the important determinants of a country’s relative level of economic health. Therefore, the choice of an appropriate exchange rate regime by small-open economies is an important policy issue. Also, exchange rate stability is a sine qua non for sustainable economic growth, favourable external conditions, sound financial sector development, fiscal stability, and debt sustainability, among other conducive macroeconomic outcomes. An appropriate exchange rate regime choice and effective policy management thereof can inure to the actualization of the aforementioned objectives. In addition, the issue of the appropriate exchange rate regime within the context of regional monetary integration is paramount within ECOWAS. To this end, WAIFEM will organize a regional course on Exchange Rate Regimes and Policies to equip participants with knowledge on appropriate exchange rate regime and policy choices.
Objectives of the Course
The course is intended to broaden the participants understanding of different exchange rate regimes and arrangements that countries and regional bodies may choose. It will expose participants to macroeconomic conditions and factors that will warrant such choices and the consequences thereof.
Main Themes Topics to be covered include:
- Exchange Rate and the Foreign Exchange Market ((Spot Rate – Direct and Indirect Quotes, Forward Rate, Nominal /Real Exchange Rates);
- Determination of Foreign Exchange Rate (Purchasing Power Parity Model – Absolute and Relative Versions, Balance of Payments Model, Monetary Model, Portfolio Balance Model, Mundell-Fleming Model, Dornbusch’s Overshooting Model, etc.);
- Exchange Rate Regimes (Hard Peg/ Currency Board Regime, Flexible/Freely Floating Exchange Rate Regime, Intermediate Regimes: Soft/Crawling Peg Regime and Managed Float Regime, Soft Pegs and the Concept of Devaluation and Revaluation; Floating Exchange Rate Regimes and the Concept of Depreciation and Appreciation; Macroeconomic Implications of Depreciation and Appreciation: Measuring Pass-Through Effects);
- Exchange Rate Regime Choices: Objectives and Required Macroeconomic Conditions (Achieving International Competitiveness, Achieving Internal and External Balance (Correcting Current Account Deficit), Achieving Price Stability: Exchange Rate Anchor, Achieving Increased Economic Growth – Undervaluation and Balassa-Samuelson Effect);
- International Competitiveness and Exchange Rate Concepts (Bilateral Nominal Exchange Rates, Nominal Effective Exchange Rates, Real Exchange Rate, Real Effective Exchange Rates, Assessing the External Sector: Equilibrium Exchange Rate and Exchange Rate Misalignment – Estimating Undervaluation/ Over-valuation of the Exchange Rate);
- Exchange Rate Policy [Targets and Instruments, The Impossible Trinity/ Exchange Rate Trilemma and Its Associated Policy Mix (Monetary Policy Independence, Financial Stability, Fiscal Policy, and Capital Controls), Transition from Hard Peg to Flexible Exchange Rate Regimes (Motives, Speed of Transition, Avoiding Speculative Attacks, Deepening the FX Market, etc.), FX Interventions (Sterilisation, Instruments and Policy Communication), Measuring External Reserves Adequacy];
- Exchange Rates and Regional Integration (The Choice of Optimal Exchange Rate Regime – Discussions of Optimal Currency Area, Economic Integration and Choice of Exchange Rate Regime: Lessons from Other Regions, and Choice of Exchange Rate for ECOWAS Economic and Monetary Integration); and
- Exchange Rate Challenges in Developing and Emerging Market Economies (Country Case Studies).
Who May Attend?
The Workshop is targeted at senior economists, including middle/executive level officials of Ministries of Finance and Economic Planning, Central Banks, and relevant public sector agencies involved in the formulation, implementation, and analysis of exchange rate policy for effective macroeconomic management.
Delivery Modalities
Resource persons will be drawn from the pool of regional consultants supported by the WAIFEM faculty. Delivery will involve a mix of lectures, discussions, group presentations, and computer-based syndicate exercises.
RMMP 03-R: Regional Course on Econometric Methods for Forecasting and Policy Analysis – Module 1 (Basic Level)
Date: April 28 – May 9, 2025
Duration: 10 days
Venue: Lagos, Nigeria
Introduction
Macroeconomic policy analysis requires considerable knowledge of basic econometric methods. This is because economic variables relate to one another and tend to move together. Econometric methods help in establishing empirical relationships among these variables and measuring their time paths and behaviour along trends. Thus, the acquisition of skills and knowledge in econometrics enables policy analysts to forecast or predict how such variables are likely to behave in the future, lending themselves for evidence-based policy formulation and analysis. To this end, the West African Institute for Financial and Economic Management (WAIFEM) will organize a Regional Course on Econometric Methods for Forecasting and Policy Analysis (Module I) to equip staff of central banks, ministries, and other public sector agencies with basic skills and knowledge in econometrics.
Objectives of the Course
The course is structured at the basic level, and hence no prior knowledge of econometrics is required, even though this might be helpful. At the end of the course, participants should be able to conduct basic statistical and econometric analyses and forecasting to be able to inform policy. They should be able to, among others, derive multiple regression parameter estimates, perform statistical inference on regression parameters, and carry out in-sample and out-sample forecasting of economic relationships. Participants would also understand basic research methods and use econometric software (notably Eviews and R) for basic data analysis and forecasting.
Main Themes
The course utilizes a combination of lectures, computer-based syndicate exercises, case studies as well as group presentations. The main themes include:
- Introduction to Regression Modelling Approach
- Linear Regression (Simple and Multiple Linear Regression Models, Cross-Sectional and Time Series Models, Assumptions, Estimations, Diagnostic Tests, and Resolution of Assumption Failures);
- Estimators [Ordinary Least Square(OLS), Maximum Likelihood Estimator(MLE), Generalized Method of Moment (GMM)];
- Cross-Sectional Data Analysis and Limited Dependent Variable Models (Linear Probability, Logit, Probit, and Tobit Models; Multinominal Probit and Logit Models; Ordered Logit Model, etc.);
- Time Series Regression Analysis (Stationarity Tests, Variable Integration, Cointegration and Error-Correction Models);
- Panel Data Analysis (Fixed-Effect Panel Regression, Random-Effect Panel Regression, Dynamic Panel Data Model); and
- Application: Estimation of Economic Relations (Keynesian Philips Curve, Okun’s Law, Fisher’s Equation, Monetary & Fiscal Policy Reaction Functions, Uncovered Interest Rate Parity, Purchasing Power Parity, etc.).
Who May Attend?
The course is intended for junior/middle/senior level officials of central banks, ministries of finance and economic planning, and other relevant agencies whose responsibilities include policy analysis and economic research. Candidates should have degrees in economics with little or no knowledge in econometrics. Participants would be required to bring along with them, their country’s macroeconomic data as well as their personal laptops for the course.
Delivery Modalities
Resource persons will be drawn from the WAIFEM faculty and supported by regional consultants. Delivery will involve a mix of lectures, discussions, group presentations, and computer-based syndicate exercises.
RMMP 04-R: Regional Course on Monetary Policy Frameworks and Analytical Tools.
Date: May 26 – June 3, 2025
Duration: 10 Days
Venue: Monrovia, Liberia
Introduction
The conduct of monetary policy is largely based on a country-specific monetary framework. In certain instances, there may be inconsistencies in these frameworks which may pose a serious threat to the success of monetary policy. This calls for the implementation of a consistent monetary policy framework anchored on sound understanding and application of its core tenets. In addition, the process of taking monetary policy decisions involves a thorough assessment of the various facets of the economy. This policy-making process is aided by the presence of a variety of analytical tools. The products of this process offer the critical inputs needed to inform policy decisions. In view of this, the West African Institute for Financial and Economic Management will organise a regional course on Monetary Policy Frameworks and Analytical Tools to expose officials of member countries to the design of monetary policy frameworks and the appropriate application of tools in the policy-making process.
The Objectives of the Course
This course aims to provide an introduction to monetary policy frameworks and an overview of different analytical tools used by central bankers in the process of monetary policy decision-making. At the end of the course, participants should have an overview of the key aspects of monetary policy frameworks and a broad understanding of major issues related to them. For this purpose, the course will focus on reviewing the fundamental theoretical background as well as the strategic and operational matters of monetary policy. In addition, the course will provide an overview of different analytical tools used by central banks in the process of monetary policy decision-making. Specifically, the course will highlight analytical approaches to monitor and assess developments in the money and capital markets, and the monetary transmission process.
Main Themes The main topics to be treated include:
- Evolution of Money and Monetary Policy (Roles and Functions of Money, Value of Money in Inflationary, Disinflationary and Deflationary Regimes, Cost of Money, Demand for Money and Money Market Developments);
- Monetary Policy Framework: Theory and Practice [Aims and Objectives of Monetary Policy, Monetary Policy Instruments, Operating and Intermediate Targets and Goals, Institutions (Mandate, Independence, and Accountability), Strategies (Transparency, Timely Communication, and Forward Guidance)];
- Monetary Policy and Exchange Rate Regime Choices (Monetary Policy in Hard Pegs, Monetary Policy in Managed Float Regimes, Monetary Policy in Flexible Exchange Rate Regimes, Monetary Policy in Fund-Supported Programmes, The Trilemma);
- Monetary Policy Decision Making (Theories of Inflation and Monetary Policy Decisions; Rules versus Discretion; Dynamic Inconsistency Problem and Central Bank’s Credibility; Fiscal Dominance and Central Bank’s Independence)
- Design and Application of Monetary Policy Tools [Interest Rate Decision and Inflation Forecast (Setting the Policy Rate Corridor), Reserve Money Targeting and Liquidity Forecasting, Open Market Operations, Required Reserve and Excess Reserve (Setting the Cash Reserve Ratio), Remunerated and Unremunerated Reserves and Implications for Credit Creation, Inter-Bank Market Development];
- Monetary Policy Transmission Mechanism (Channels of Transmission Mechanism, Measuring Monetary Policy Effectiveness, Estimating Transmission Lags);
- Recent Developments in e-Money (Cryptocurrencies, Central Bank Digital Currencies, Impact of Emerging Money Technologies on Money Supply and Demand, Financial and Payment System Innovations and Demand for Money);
- Monetary Policy Constraints and Challenges (Macro and Financial Stability Objectives an Trade-offs with Price Stability, Policy Consistency and Exchange Rate Regimes/ Trilemma Revisited, Money Market Development Challenges, Structural and Supply-Side Constraints, Fiscal Dominance and Policy Coordination);
- The Role of Monetary Policy in Macroeconomic Stabilisation (Monetary Policy over the Business Cycle; Monetary Policy in a Crisis: Measurement of Key Benchmarks; Macroeconomic and Financial Instability: Conventional and Unconventional Monetary Policies);
- Monetary Policy Frameworks and Forecasting Models: Country Case Studies.
Who May Attend?
The content level of the course is targeted at junior/mid-level/senior central bankers with little to no knowledge and work experience in the area of monetary policy who are interested in gaining some general overview of monetary policy frameworks and a basic understanding of their key elements and related issues. The course is also designed for staff that are relatively new in the area of monetary policy analysis. It may equally be of benefit to staff working in other areas in the central bank such as communication, financial stability, banking supervision, payment systems, and statistics departments.
Delivery Modalities
The content will be covered through a mix of lectures that will be complemented by workshops. Workshops are aimed at applying the theoretical concepts of monetary policy frameworks to the current practices adopted by the central banks of participating countries. The workshops will take the form of case studies and group discussions (where participants are expected to contribute actively).
RMMP 05-R: Regional Course on Econometric Methods for Forecasting and Policy Analysis – Module 2 (Intermediate Level).
Date: June 23 – July 4, 2025
Duration: 10 Days
Venue: Lagos, Nigeria
Introduction
Macroeconomic policy analysis and research require considerable knowledge of econometric methods. This is because economic variables relate with one another and tend to move together. Econometric methods help in establishing empirical relationship among these variables and measuring their time paths and behaviour along trends. Thus, acquisition of skills and knowledge in econometrics enables the policy analysts to forecast or predict how such variables are likely to behave in the future, lending themselves for evidence-based policy formulation and analysis. Also, econometric modelling and forecasting have for a long time served in structuring policy and providing the framework for assessing alternative courses of action. To this end, the West African Institute for Financial and Economic Management (WAIFEM) will organize a Regional Course on Econometric Methods for Forecasting and Policy Analysis (Module II) to equip staff of central banks, ministries, and other public sector agencies with adequate skills and knowledge in econometrics.
Objectives of the course
The course is designed to upgrade the analytical skills of economists with operational responsibility for preparing policy papers, statistical data, forecasts, and other inputs into the policy-making process through intensive training in techniques for developing macroeconomic, fiscal, and monetary policy models. In particular, the course will be beneficial for staff with operational responsibility for preparing policy papers, compiling analytical data, generating forecasts, and providing other analytical inputs into the policy-making process.
Main Themes The main themes to be covered are as follows:- Introduction to Time Series Econometrics
- Univariate Time Series Modelling Approach [Background and Rationale, Linear Univariate Models (AR, MA, and ARMA Processes), Other Variants of ARMA process (ARIMA, SARIMA, ARIMA-X), Unobserved Component Models (UCM)]
- Box-Jenkins Methodology
- Non-Linear Univariate Models (Markov Switching, Threshold, and Smooth Transition Models)
- Application of Univariate Time Series Models: Modelling and Forecasting of Economic Relations (atheoretic inflation modelling and forecasting, atheoretic exchange rate modelling and forecasting);
- Hendry’s General-to-Specific Approach to Modelling (Model Reduction and Parsimony)
- • Autoregressive Distributed Lag (ARDL) Models (Integration, Cointegration and Error-Correction Specification)
- Multivariate Time Series Models [Vector Autoregressive (VAR) Model, Cointegration in Multivariate Models, Vector Error-Correction Model (VECM)]
- Structural Vector Autoregressive (SVAR) Models [Identification Scheme (short- and long-run restrictions & Sign)]; and
- Application of Multivariate Time Series Models (Impact of Monetary Policy Shocks & Monetary Policy Transmission Mechanism).
Who May Attend?
The course is intended for middle/senior/executive level officials of central banks, ministries of finance and economic planning, and other relevant agencies whose responsibilities include policy analysis and advice on economic management. To qualify for this course, candidates should have taken Econometric Methods for Forecasting and Policy Analysis – Module I or have basic experience in econometric modelling and forecasting. Selected candidates would be required to bring along with them, their country’s macroeconomic data as well as personal laptops for the course.
Delivery Modalities
Experienced practitioners will be sourced by WAIFEM from both regional and non-regional experts to facilitate the course. The structure of the course will be a combination of theoretical and contemporary issues in econometrics as well as interactive modelling sessions.
RMMP 06-R: Regional Course on Currency Management and Forecasting.
Date: July 14 – 18, 2025
Duration: 5 days
Venue: Accra, Ghana
Introduction
Currency management is a critical function for central banks worldwide, influencing monetary policy, economic stability, and financial markets. Central banks are tasked with safeguarding the value of their respective currencies, maintaining exchange rate stability, and managing foreign exchange reserves effectively. In addition to these responsibilities, the ability to forecast currency movements accurately is paramount for informed decision making and policy formulation. To this end, the West African Institute for Financial and Economic Management (WAIFEM) will organize a Regional Workshop on Currency Management and Forecasting.
Objectives of the workshop
This workshop is aimed at exposing participant to recent developments in currency management and digital currencies. Specifically, the course is designed to deepen the knowledge and upgrade the analytical skills of staff in performing the currency management function. It is also designed to enhance participants’ forecasting techniques and expose them to contemporary issues in banknote and currency management as well as central bank digital currencies
Broad Themes
The workshop content includes:
- Evolution and Types of Money (Evolution of Money, Types of Money, Currency Life Cycle, Fiat Money, and Legal Framework);.
- Currency Management Value Chain (Production, Storage, Distribution, Processing, Disposal, Foreign Currency);
- Currency Operation Initiatives (Cash Management Scheme, Cash Activity Reporting Portal, Banknote Tracking, Sustainable Disposal, Automation & Modernisation, Sting Operations, etc.);
- Cash Handling Guidelines (Clean Note Policy, Banknote Fitness Guidelines, Mutilated Banknotes: Disposal and Replacement);
- Private Sector Participants (Cash Processing and Cash-in-Transit Companies and Bank Neutral Cash Hubs)
- Currency Security Features (Counterfeit Detection and Anti-Counterfeit Measures);
- Trends in Modern Currency Developments: Digital Currency as Alternative Currency (“Digital” versus “Virtual” Currency, The nature of cryptocurrency, eCash, and pioneering internet payments with digital gold);
- Benefits and Risks of Digital Currency (Freedom of payments, Merchant benefits, User control, Platform for further innovation, Internal change and volatility, Facilitation of criminal activity, Legal regulatory attitude, etc.);
- Monetary Policy under Digital Currency (The endogenous money creation, Digital currency and the Velocity of money, Monetary policy transmission mechanism, Digital currency and foreign exchange market, etc.);
- Short- and Medium-Term Currency Forecasting (Development of currency forecasting models, Forecast evaluation criterion, Production of in and out of sample forecast);
- Indent Development and Production (Template for indent development, Modelling currency of demand, Determinants of currency demand, Forecasting of currency demand); and
- Seigniorage Revenue and Inflation Control (Fiscal Policy Accommodation/Fiscal Dominance, Seigniorage Revenue Determination, Effects of Seigniorage Revenue on the Price Level).
Who May Attend?
The Workshop is targeted at senior/executive-level officials of Central Banks and other monetary authorities that are involved in currency management issues. The programme will also be beneficial for financial journalists to scale up their knowledge about currency management issues, and thereby enhance their advocacy roles.
Delivery Modalities
Delivery will involve lectures, hands-on exercises, and group discussions based on country experiences. The workshop will be facilitated by resource persons drawn from WAIFEM faculty and regional experts.
RMMP 07-R: IMF/WAIFEM Workshop on Producer, Export and Import Price Statistics(PEI).
Date: July 28 – August 1, 2025
Duration: 5 Days
Venue: Virtual
Introduction
Capturing external sector adequately is germane to balance of payments computation and external sector policy effectiveness. There is, therefore, the need to produce indices that helps in capturing a country’s international competitiveness, terms of trade computation, and indexation of contracts. It is also imperative that in computing external sector indices, compilers must decide on the appropriate weights and how totreat temporarily and permanently missing items. To this end, WAIFEM, in collaboration with IMF, will organise a Regional Course on Producer, Export, and Import Price Statistics.
Objectives of the Course
Upon completion of this course, participants should be able to:
- Apply specific principles to develop and update index weights;
- Calculate producer price indices based on collected prices and weights;
- Apply methods for dealing with index compilation challenges such as unavailable items, quality change, and item substitution;
- Define and identify the pricing methods to be used for services activities; and
- Identify suitable data sources to support the compilation of reliable Export and Import Price Indices.
Course Description
The course is designed to deepen the participants’ understanding of the concepts and methods of compiling Producer Price Indices (PPIs) and Export-Import Price Indices (XMPIs). It provides an overview of the steps of index compilation, including establishing index weights, sampling establishments, selecting and specifying transactions to be priced, calculating indices, and disseminating the results.
The course covers the following topics:
- Calculating elementary aggregate indices with or without item weights;
- Methods for handling temporarily and permanently missing items;
- • Chaining and linking indices with updated weighting structures;
- Compiling export-import indices using the hybrid methodology; and
- Expanding coverage of the services sectors.
Who May Attend?
The course is intended for junior/middle level officials of central banks, ministries of finance and economic planning, and other relevant agencies whose responsibilities include index construction and compilation of relevant statistics. Participants are expected to have a degree in economics or statistics; or equivalent experience.
Delivery Modalities
Delivery modalities will include lectures, workshops, and group discussions. The course is expected to be facilitated by seasoned practitioners from the International Monetary Fund (IMF).
RMMP 08-R: Regional Course on Econometric Methods for Policy Analysis – Module 3 (Advanced Level).
Date: August 11 – 22, 2025
Duration: 10 Days
Venue: Abuja, Nigeria
Introduction
Macroeconomic policy analysis and research require considerable knowledge of econometric methods. This is because economic variables relate with one another and tend to move together. Econometric methods help in establishing empirical relationship among these variables and measuring their time paths and behaviour along trends. Thus, acquisition of skills and knowledge in econometrics enables the policy analysts to forecast or predict how such variables are likely to behave in the future, lending themselves for evidence-based policy formulation and analysis. Also, econometric modelling and forecasting have for a long time served in structuring policy and providing the framework for assessing alternative courses of action. To this end, the West African Institute for Financial and Economic Management (WAIFEM) will organize a Regional Course on Econometric Methods for Forecasting and Policy Analysis (Module III) to equip staff of central banks, ministries, and other public sector agencies with advanced skills and knowledge in econometrics.
Objectives of the Course
The course is designed to upgrade the analytical skills of economists with operational responsibility for preparing policy papers, statistical data, forecasts, and other inputs into the policy-making process through intensive training in techniques for developing macroeconomic, fiscal, and monetary policy models. In particular, the course will be beneficial for staff with operational responsibility for preparing policy papers, compiling analytical data, generating forecasts, and providing other analytical inputs into the policy-making process.
Main Themes
The main themes to be covered are as follows:
- Recap of Univariate and Multivariate Time Series Models;
- Factor Models [Dynamic Factor Model (DFM), Factor-Augmented VAR (FA-VAR)];
- Application of FA-VAR (Monetary Policy in data-rich environment);
- Mixed-Frequency VAR (MF-VAR) and Nowcasting (GDP-Now, Unemployment-Now, BOP-Now);
- Bayesian VAR (Introduction to Bayes Theorem, Priors and Likelihoods, Analytical/ Numerical Solutions, Conjugate and Non-Conjugate Priors, Subjective/Informative Priors, Objective/Non-Informative Priors,
- Application of Bayesian VAR: Impact of Monetary Policy Shock and Monetary Policy Transmission Mechanism;
- Time Varying Parameter VAR [Constant Parameter(CP) VAR with Stochastic Volatility (SV), Time-Varying Parameter (TVP) VAR with Constant Volatility, Time-Varying Parameter (TVP) VAR with Stochastic Volatility];
- Application of Time Varying Parameter VAR: Non-Linearity in Monetary Policy Transmission Mechanism and Endogenous Credibility of Monetary Policy;
- Non-Linear Multivariate Models: Regime Switching Models (Threshold VAR, Smooth Transition VAR, Markov-Switching VAR);
- Application of Regime Switching Models (Non-Linearity in Monetary Policy Transmission Mechanism & Endogenous Credibility of Monetary Policy);
- Further Application of Multivariate Non-Linear Models [Laffer Curve (Relationship between Tax and Revenue), Monetary Policy Transmission Mechanism in a Non-Linear Environment, Quadric Loss Function (Optimal Policy Rule); and
- Macroeconomic Indices (Index of Economic Activity, Economic Uncertainty Index, Monetary Condition Index, Financial Condition Index, and Ease-of-Doing Business Index).
Who May Attend?
The course is intended for middle/senior/executive level officials of central banks, ministries of finance and economic planning, and other relevant agencies whose responsibilities include policy analysis and advice on economic management. To qualify for this course, candidates should have taken Econometric Methods for Forecasting and Policy Analysis – Module II or have substantial experience in econometric modelling and forecasting. Selected candidates would be required to bring along with them, their country’s macroeconomic data as well as personal laptops for the course.
Delivery Modalities
Experienced practitioners will be sourced by WAIFEM from both regional and non-regional experts to facilitate the course. The structure of the course will be a combination of theoretical and contemporary issues in econometrics as well as interactive modelling sessions.
RMMP 10-R: IMF/WAIFEM Workshop on Cross-Border Position Statistics.
Date: TBA
Duration: 5 days
Venue: Banjul, The Gambia
Introduction
The compilation of cross-border position statistics has become imperative in the face of rapid economic integration of countries in the ECOWAS region. Although all the countries are mainly agricultural economies, trade has intensified among them in view of the variety of their agricultural produce. Also, the region is gradually being integrated financially with the emergence of regional banks and insurance institutions as well as capital market integration. The effort at launching a monetary union to further boost trade within the region is on course with the development of the Pan-African Payments and Settlement System (PAPSS). To this end, IMF and WAIFEM will jointly organise a Regional Course on Cross-Border Position Statistics.
Objectives of the Course
Upon completion of this course, participants should be able to:
- Compile International Investment Position (IIP) statistics, External Debt Statistics (EDS), Coordinated Portfolio Investment Survey (CPIS), and/or Coordinated Direct Investment Survey (CDIS) statistics – as well as the memorandum and supplementary items of the IIP and tables on external debt statistics – according to the conceptual framework;
- • Identify potential new data sources for the compilation of the CBPS;
- Apply compilation techniques and best dissemination practices related to CBPS;
- Illustrate the relationship between the integrated IIP and the balance of payments, and the integration of cross-border positions data into the broader macroeconomic framework; and
- Describe the analytical use of CBPS.
Main Themes The course covers the following topics:
- The Methodology for Compiling and disseminating CBPS, including the integrated IIP and memorandum and supplementary position data items following the Balance of Payments and International Position Manual, 6th Edition (BPM6);
- The External Debt Statistics, including currency composition, remaining maturity, and debt service schedule;
- The Coordinated Portfolio Investment Survey, including sectoral data; and
- The Coordinated Direct Investment Survey.
Who May Attend?
Mid-to-senior level officials in Central Banks and Ministries of Finance and Economic Planning who are directly involved in compilation of statistics. Participants should have an advanced degree in economics or statistics, and have a minimum of one year of experience in compiling IIP and/or EDS.
Delivery Modalities
The course consists of a series of lectures, discussions, and practical exercises. Lectures and discussions focus on general concepts and compilation practices, while exercises provide participants with an opportunity to put the knowledge gained into practice. The course is expected to be facilitated by seasoned practitioners from the International Monetary Fund (IMF).
RMMP 09 – R: IMF / WAIFEM Regional Course on Macroeconomic Diagnostic (MDS)
Date: September 22 – October 3, 2025
Duration: 5 Days
Venue: Accra, Ghana
Introduction
Effective macroeconomic management requires the ability to properly assess the economic health of a country. Such assessment, in turn, requires the use of some applied tools to aid the policy-making process. This course, organized by WAIFEM in collaboration with the IMF Institute for Capacity Development, is designed to strengthen participants’ ability to comprehensively assess a country’s macroeconomic situation, including the current state of the economy; the stance of fiscal and monetary policy; financial stability; exchange rate misalignments; vulnerabilities in the different sectors; and the medium-term outlook, especially the sustainability of public and external debt. The course emphasizes practical tools for use in day-to-day macroeconomic analysis and relies on customized case studies to illustrate how these tools are applied and how they can contribute to the policy-making process. To this end, IMF and WAIFEM will jointly organise a Regional Course on Macroeconomic Diagnostics.
Objectives of the Course
This course aims at equipping participants with skills and knowledge that will enable them to:
- Analyse potential output and calculate output gaps, identify expenditure composition of growth, measure inflation, assess sources of inflation, calculate Taylor rules, measure cyclically-adjusted and structural fiscal balances, analyse public debt sustainability, calculate and interpret financial sector soundness and risk indicators, analyse the external position, examine external debt sustainability, and evaluate the exchange rate misalignment;
- Use different information, which may give conflicting signals, to assess the stance of current fiscal, monetary, and financial policies, and to diagnose the outlook for the economy;
- Assess the medium-term prospects of the economy, including the sustainability of public and external debt, and identify impediments to long-term growth; and
- Discuss the potential external and internal risks and vulnerabilities to the economy, and interpret the implications these risks may have on the economy and on the policies to deal with those risks.
Main ThemesThe course covers assessments of:
- The current state of the macro economy;
- The stance of fiscal and monetary policy;
- Financial stability; and
- The medium-term prospects of the economy, including the sustainability of public and external debt, the possible misalignment of the exchange rate, and vulnerabilities from the different sectors.
The course will rely on case studies relevant to the region to illustrate the application of these tools and to show how they can be used as input in the policy-making process.
Who may attend?
Mid-to-senior level officials in Central Banks and Ministries of Finance and Economic Planning who are directly involved in diagnosing the state of the macro economy and making projections. Participants should have an advanced degree in economics or equivalent experience, good quantitative skills, and proficiency in the use of Excel. However, participants are strongly recommended to complete the online FPP.1x and FFP.2x courses (or the face-to-face FPP) before enrolling in this course.
Delivery Modalities
Delivery modalities will include lectures in plenaries, group discussions, syndicate exercises, and group presentations. The course is expected to be facilitated by seasoned practitioners from the International Monetary Fund (IMF).