Debt management strategy workshop held in Accra

A 12-day workshop to train financial expects, bankers and economists on sustainable debt management strategies, particularly in the wake of the global financial crisis, is taking place in Accra.
The workshop, being organised by the West African Institute for Financial and Economic Management (WAIFEM) on the theme, “Regional Course On Middle Office Operations and Risk Modelling”, will also strengthen the capacity of participants on middle office functions, including analysis and debt management strategies.
Opening the workshop, the acting Director-General of WAIFEM, Mr M. S. Foon, said it would broaden the knowledge of participants on effective debt management functions, medium-term debt strategy processes, risk management processes, among others.
He said it would also enlighten participants on the implementation of risk control and portfolio analysis and evaluation.
He stated that the workshop had come at a time when countries across the world had to address the adverse consequences of the global financial crisis.
The deep economic recession around the world has brought about the down turn in global markets and efforts by governments across the world to address the adverse effects of the financial melt down has not been feasible.
The crisis has resulted in prices of commodities such as oil and copper dropping and there has been significant reduction in tourism receipts and remittances in some African countries.
“With weakening growth prospects and tight credit markets investors are cutting back on their direct investment,” Mr Foon stated.
He indicated the recession had also resulted in the fall of Africa’s stock and bond markets, adding that it had also changed the landscape of international trade, cooperation in assistance and financial regulation.
“The developing countries without the means or will and depending largely on aid generosity of the so-called first world face greater challenges,” he said.
Mr Foon said that a lesson to be learnt from the global financial crisis which also constituted a challenge to debt management was the inadequate application of risk management measures and inability to appropriately recognise and manage risk significantly.
The workshop is being attended by 28 participants from 5 African countries including Ghana, Liberia, Sierra Leone, Gambia and Nigeria.
WAIFEM is a training and capacity building institute based in Nigeria which started its operations 12 years ago, to strengthen capacity for sound debt, microfinancial sector management of member states.
The institute has so far executed over 306 training and capacity building programmes through seminars, executive and legislative fora among others.