The West African Institute for Financial and Economic management (WAIFEM) sub-regional course: “on accounting, auditing and financial management for post-conflict countries,” was yesterday declared open by Deputy Bank Governor of Sierra Leone, Alhaji Mohamed S. Fofana.
He maintained that, “the course is both highly relevant and timely for the two participating countries,” adding that it “will serve to promote public sector management in Liberia and Sierra Leone.
Over the years, the Deputy Governor explained, “the reconstruction effort has achieved noticeable success. In the economic sector, Gross Domestic Product (GDP) in current terms has increased.”
Mr Fofana said that the goal now should be “the improvement of financial management to best practice standards in all aspects of government financial operations.”
“It is no longer adequate to perform routine standard accounting, auditing and financial management functions, [as] most professional bodies now recognize that specialists must also posses creative, problem-solving and analytical skills including management skills,” the Deputy Bank Governor explained.
Mr Fofana pointed out that, “a country’s professional crop of accountants, auditors and financial managers is critical to national development and the course will make a welcome contribution to strengthen this class of professionals in post-conflict countries in the sub-region.
In his welcome remarks, Arthur Akram representing the WAIFEM’s Director General explained that the “institute is mandated to strengthen capacity for macroeconomic, financial sector and debt management in the countries of member central banks.”
In discharging it responsibilities, he said, “the institute has adopted an integrated and holistic approach to capacity building involving human, policy framework and institutional dimensions.”
Mr Akram maintained that, “the course is an intervention resulting from a need assessment mission conducted late last year by WAIFEM.”
He disclosed, “the institute is continually assessing the situation in post-conflict countries and appropriate capacity building interventions will be undertaken to facilitate economic transformation in the countries concerned.”
In her vote of thanks, WAIFEM senior confidential secretary, for the financial sector management department, Stella Emereuwaonu, thanked management of the Bank of Sierra Leone for their warm reception.
She also thanked participants from the sub-region for partaking in the course.