Empowering West Africa through Capacity Building in Financial and Economic Management
Research & Macroeconomic Management
RMMP 01-R: Econometric Modelling Experts Development Programme (EMEDP) – Module 1 (Basic Level)
Date: April 13 – 24, 2026
Duration: 10 Days
Venue: Lagos, Nigeria
Background
Econometric Modelling has emerged as an indispensable tool for evidence-based policy making. WAIFEM developed the Econometric Modelling Experts Development Programme (EMEDP) as a structured, progressive capacity development pathway to cultivate a new generation of public sector economists equipped with world-class modelling skills. Module 1 covers foundational econometric methods.
Objectives of the Course
To provide participants with a solid foundation in econometric methods for macroeconomic policy analysis, covering classical regression, time series analysis, and basic forecasting techniques.
Main Themes
- Review of classical linear regression model and OLS estimation
- Specification testing and model diagnostics
- Introduction to time series: stationarity, unit roots, and cointegration
- Vector Autoregression (VAR) models and impulse response analysis
- Error Correction Models (ECM) and long-run equilibrium
- Practical applications using EViews and R
Who May Attend
Junior to mid-level officials of Central Banks, Ministries of Finance and Economic Planning, and other public sector agencies involved in policy analysis and economic research.
Delivery Modalities
Lectures, computer-based practical sessions using EViews and R, group exercises, and case studies applying econometric techniques to West African macroeconomic data.
RMMP 02-R: Regional Course on Exchange Rate Policies in a Dynamic Digital World
Date: April 27 – May 1, 2026
Duration: 5 days
Venue: Monrovia, Liberia
Background
Exchange rates are central to monetary policy frameworks in West Africa, impacting inflation, competitiveness, and external sustainability. The rise of digital currencies, cryptocurrency markets, and capital flow volatility presents new challenges for exchange rate management in the region.
Objectives of the Course
To equip participants with updated knowledge and analytical tools for exchange rate policy design, analysis of exchange rate dynamics, and management of exchange rate risks in the context of digital financial innovation.
Main Themes
- Exchange Rate regime classification and choice
- Exchange rate determinants: purchasing power parity and intrest rate parity
- Exchange rate misalignment assessment and equilibrium exchange rates
- Foreign exchange market interventions: goals, instruments, and effectiveness
- Cryptocurrency markets and implications for exchange rate policy
- Exchange rate policy in ECOWAS and the ECO currency project
Who May Attend
Mid to senior-level officials from Central Banks, Ministries of Finance, and Economic Planning agencies involved in monetary policy, exchange rate management and external sector analysis.
Delivery Modalities
Lectures, data analysis exercises, case studies from WAIFEM member countries, and policy simulation discussions facilitated by WAIFEM faculty and guest experts.
RMMP 03-R: IMF/WAIFEM/MEFMI Regional Course on Advanced Monetary and Financial Statistics (MFX)
Date: May 18 – 22, 2026
Duration: 5 days
Venue: Blended
Background
Compilation of monetary and financial statistics (MFS) is crucial for understanding the financial sector, providing supervisory oversight, and formulating monetary policy. This advanced course, organized jointly by WAIFEM, MEFMI, and the IMF, covers advanced topics including other financial corporations (OFCs), analytical presentations of monetary data, and the impact of fintech on financial statistics.
Objectives of the Course
To enhance participants’ capacity in advanced MFS compilation, including the treatment of OFCs, analytical monetary data presentations, and understanding emerging issues such as fintech and climate change impacts on financial statistics.
Main Themes
- Understanding Other Financial (OFCs) and their balance sheet structures
- Liquidity and financing extended to non-financial sectors by financial corporations
- Analytical presentations of monetary data: DCS and FCS using IMF standardized Report Forms
- Balance Sheet Approach (BSA) and macro-financial linkages
- Impact of Fintech and climate change on financial sector statistics
- Practical compilation exercises using IMF reporting frameworks
Who May Attend
Central Banks officials and regulatory agencies staff responsible for compiling monetary statistics. Participants should have a degree in economics or statistics and prior completion of introductory MFS training is recommended.
Delivery Modalities
Lectures and exercises covering practical aspects of advanced monetary statistics compilation, facilitated by consultants from the International Monetary Fund (IMF), WAIFEM, and MEFMI.
RMMP 04-R: Regional Course on Machine Learning Algorithms for Macroeconomic Modelling and Forecasting (MLAMMF).
Date: June 15 – 23, 2026
Duration: 7 Days
Venue: Banjul, The Gambia
Background
The proliferation of big data and advances in computing power have made machine learning (ML) algorithms practical tools for macroeconomic analysis. Global policy institutions and central banks are increasingly integrating ML techniques for inflation nowcasting, financial stability surveillance, and policy text mining. WAIFEM member country institutions need to adapt to these new analytical approaches.
Objectives of the Course
To introduce participants to machine learning algorithms and their application to macroeconomic modelling and forecasting, with emphasis on practical implementation using Python and R.
Main Themes
- Introduction to machine learning: supervised, unsupervised, and reinforcement learning
- Regression-based ML methods: LASSO, Ridge, and Elastic Net
- Tree-based methods: Random Forests and Gradient Boosting
- Nowcasting GDP and inflation using high-frequency data
- Text mining and sentiment analysis of policy communications
- Practical implementation in Python and R with macroeconomic datasets
Who May Attend?
Junior to mid-level central bankers with knowledge in econometrics, working in forecasting, research, or data analytics departments. Some prior exposure to Python or R is recommended.
Delivery Modalities
A mix of lectures and hands-on coding workshops using Python and R, with practical exercises applying ML techniques to real macroeconomic data.
RMMP 05-R: Econometric Modelling Experts Development Programme (EMEDP) – Module II (Intermediate Level).
Date: July 13 – 24, 2026
Duration: 10 Days
Venue: Abuja, Nigeria
Background
Building on Module I of the EMEDP, Module II deepens participants’ econometric modelling skills with focus on advanced time series methods, panel data econometrics, structural models, and forecasting. These skills are essential for rigorous macroeconomic policy analysis in central banks and finance ministries.
Objectives of the Course
To advance participants’ econometric modelling capacity with intermediate-level techniques for macroeconomic analysis, structural modelling, and medium-term forecasting relevant to West African policy contexts.
Main Themes
- Advanced time series: ARCH/GARCH and volatility modelling
- Panel data econometrics: fixed and random effects models
- Structural Vector Autoregression (SVAR) models
- Dynamic Factor Models (DFM) for forecasting
- DSGE model structure and intuition
- Practical applications using EViews, R, and Matlab
Who May Attend
Mid-level officials of Central Banks, Ministries of Finance and Economic Planning who have completed EMEDP Module I or have equivalent experience in econometrics.
Delivery Modalities
Lectures combined with intensive computer-based practical sessions, using real data from WAIFEM member countries, facilitated by experienced econometricians and WAIFEM faculty.
RMMP 06-R: Regional Workshop on Construction of Macroeconomic and Uncertainty Indices (CMUI) in a Big Data Environment.
Date: August 10 – 14, 2026
Duration: 5 days
Venue: Freetown, Sierra Leone
Background
Macroeconomic uncertainty indices and composite economic indicators have become essential tools for early warning, investor sentiment analysis, and high frequency transaction data – enables the construction of more timely and comprehensive economic indices.
Objectives of the Course
To equip participants with methodologies and practical skills for constructing macroeconomic indices and uncertainty measures using traditional and big data sources in West African contexts.
Main Themes
- Composite leading indicators: construction and interpretation
- Economic Policy Uncertainty (EPU) indices: methodology and replication
- Web-scraping for price and sentiment monitoring
- Principal Component Analysis (PCA) in index construction
- Country applications: constructing indices for WAIFEM member countries
Who May Attend
Mid-level economists and statisticians from Central Banks, Ministries of Finance, and Statistical Agencies involved in economic analysis, forecasting, and statistics.
Delivery Modalities
Workshops combining methodology lectures with hands-on programming sessions in Python and R, culminating in group presentations of country-specific index projects.
RMMP 07-R: IMF/WAIFEM Regional Course on Model-Based Monetary Policy Analysis and Forecasting (MPAF).
Date: September 7 – 18, 2026
Duration: 10 Days
Venue: Accra, Ghana
Background
Model-based monetary policymaking provides a quantitative foundation for evaluating complex trade-offs, replacing guesswork with data-informed decisions. As WAIFEM member countries gravitate towards inflation-targeting frameworks, it becomes imperative for each central bank to develop its own Quarterly Projection Model (QPM) for inflation forecasting to guide monetary policy decisions.
Objectives of the Course
To provide rigorous training on the use of simple Dynamic New Keynesian (DNK) models for monetary policy analysis and forecasting, with tools to develop or extend canonical models to fit member countries’ monetary frameworks.
Main Themes
- Introduction of canonical New Keynesian model structure and its key properties
- Implementing a simple QPM using specialized macroeconomic modelling software
- Data transformation, filtration, and evaluation of QPM properties
- Basic calibration of the QPM to member country data
- Baseline forecasts and alternative policy scenarios
- Using QPM outputs in the monetary policy decision-making process
Who May Attend
Mid to senior-level officials responsible for monetary policy decision-making and staff doing macroeconomic analysis and forecasting. Participants should have an advanced degree in economics, good quantitative skills, and proficiency in EViews and Matlab/Octave.
Delivery Modalities
Lectures in Plenaries, group discussions, syndicate exercises, and group presentations, facilitated by seasoned practitioners from International Monetary Fund (IMF)
RMMP 08-R: Regional Workshop on Currency Management and Fintech Innovations
Date: October 5 – 9, 2026
Duration: 5 Days
Venue: Abuja, Nigeria
Background
Currency management – encompassing note issuance, distribution, and lifecycle management – is a core central banking function undergoing rapid transformation through digital payments and fintech innovations. CBDCs, mobile money, and digital wallets are reshaping currency demand and circulation patterns requiring currency managers to adapt their strategies.
Objectives of the Course
To provide currency managers and monetary policy officials with an understanding of modern currency management practices and the implications of fintech innovations and digital currencies on cash demand and monetary operations.
Main Themes
- Currency demand modelling and cash cycle management
- Security features and counterfeit deterrence in modern banknotes
- CBDC design: implications for currency management
- Fintech ecosystem and its impact on cash usage
- Digital payment infrastructure and financial system integration
- Regional currency harmonization and Eco currency prospects
Who May Attend
Officials of Central Banks responsible for currency management, monetary operations, payment systems, and monetary policy research and analysis.
Delivery Modalities
Expert presentations, field demonstrations policy simulations, and group discussions on currency management innovations and fintech strategies.
RMMP 09-R: IMF/WAIFEM/MEFMI Workshop on Balance of Payments and International Investment Position Manual, Seventh Edition (BPM7).
Date: October 26 – 30, 2026
Duration: 5 days
Venue: Virtual
Background
The IMF published the seventh edition of the Balance of Payments and Internal Investment Position Manual (BPM7) incorporating updated standards for the digital economy, crypto-assets, and global value chains. West African compilers need updated training to implement these new standards effectively.
Objectives of the Course
The familiarized BOP statisticians with the key changes and new concepts introduced in BPM7 and to strengthen their capacity to compile BOP and IIP statistics in compliance with the updated international standards.
Main Themes
- Overview of BPM7: key changes from BPM6
- Treatment of crypto-assets and digital services in BOP
- Global value chains and their statistical measurement
- Current account: goods, services, primary and secondary income
- Financial account and IIP: classification and valuation changes
- Practical compilation exercises using BPM7 framework
Who May Attend
Central Bank officials and National Statistical Agency staff responsible for the compilation and dissemination of BOP and IIP statistics. Prior knowledge of BOP concepts and compilation is required.
Delivery Modalities
Virtual lectures, interactive workshops, and compilation exercises facilitated by IMF, WAIFEM, and MEFMI experts.
RMMP 10 – R: Econometric Modelling Expert Development Programme (EMEDP) – Module III (Advanced Level)
Date: November 9 – 20, 2026
Duration: 10 Days
Venue: Lagos, Nigeria
Background
Module III of the EMEDP focuses on Bayesian econometrics, which is increasingly relevant in modern economic analysis due to its flexibility, ability to incorporate prior knowledge, and usefulness in complex or data-scarce environments. It builds on Modules I and II to equip participants with advanced Bayesian statistical methods for economic model estimation.
Objectives of the Course
To equip participants with skills in Bayesian econometric modelling, applying various Bayesian models under key macroeconomic scenarios, including BVAR, DSGE, and regime-switching models.
Main Themes
- Bayes’ Theorem, Prior and Posterior Distributions
- MCMC methods: Gibbs Sampling and Metropolis-Hastings
- Bayesian VAR (BVAR) Models for inflation, output, and interest rates
- Bayesian DSGE Models: New Keynesian model estimation and Taylor rule
- Time-Varying Parameter VAR (TVP-BVAR) Models
- Bayesian Model Averaging (BMA) for robust policy analysis
Who may attend
Mid to senior-level officials of Central Banks, Ministries of Finance, and economic planning agencies who have completed EMEDP Modules I and II or have substantial experience in econometric modelling and forecasting.
Delivery Modalities
Combination of theoretical Bayesian econometrics sessions and intensive interactive modelling sessions, facilitated by regional and international experts in Bayesian methods sourced by WAIFEM.