He said this was important for the stability of the international financial system as the compilation of monetary and financial statistics had become more complex due to changes in the nature of transactions, including changes in the nature of institutional units and other transactions as well as increase in cross-border financial activities.

Dr. Addison said this in a speech read on his behalf at the opening session of a two-week course on Monetary and Financial Statistics, organized by the West African Institute for Financial and Economic Management (WIAFEM) in collaboration with the International Monetary Fund (IMF) and the Bank of Ghana.

He admitted that Compilers of Financial and Monetary Statistics faced challenges of monitoring and improving data quality in the context of the rapid changes in the international financial sector.

Dr. Addison said there was the need for timely, accessible and qualitative data dissemination for economic analyses and policy implementation compatible with international financial data dissemination standards.He indicated that the IMF’s New Monetary and Financial Statistics Manual and Compilation Guide (NMFSMG), was intended to help member countries to improve the quality of their data through internationally agreed statistical methodology and reporting system.

“…the need to upgrade the skills and capacities of compilers cannot be over-emphasized. Failure to appreciate the importance of acquiring the requisite skills often leads to poor collection, compilation and dissemination of monetary and financial statistics,” he stated.

Mr Rutto Nelson Kipkoech, Senior Economist with IMF, said the Fund was delighted to work together with WIAFEM in ensuring the sensitization of compilers in the financial sector in West Africa through the understanding of the NMFSMG.

Mr Kipkoech said statistics were critical for formulating, monitoring and implementing monetary policy and for forecasting, and urged participants to open to learn from the resource persons that would be taking them through the course.

On his part, Professor Akpan H. Ekpo, the Director General of WAIFEM, in a welcome address delivered on his behalf said the two-week course was designed to train participants on the issues on the principles of residency and economic sectorization, the characteristics and classification of financial instruments, valuation, and the other accounting issues relevant to the compilation of monetary policies.

He indicated that participants would compile monetary statistics for the central banks, depository corporations and other depository corporations according to the methodology of recommended by the NMFSMG.

Prof. Ekpo also called on Anglophone countries in West Africa to learn the French language saying: “The Anglophone countries in the sub-region cannot underestimate the importance of French language if they want to be successful in their communication, business, diplomacy and interactions in other areas with French speaking countries”.

He noted that WIAFEM collaborates with a number of institutions to ensure high and international standards in its programmes such as the ongoing two-week course expected to end on October 27.