Transparent debt management and reporting key for policy-making - WAIFEM Director-General

Director-General of the West Africa Institute for Financial and Economic Management (WAIFEM), Dr. Baba Yusuf Musa has emphasized the significance of universal accounting standards in the era of globalization and policy making.

According to him, the adoption of International Financial Reporting Standards (IFRS) by countries and institutions could become a beacon of financial and accounting harmonisation in the West Africa sub-region and the world.

He explained that the IFRS has been designed to equip countries with the necessary knowledge and skills to successfully implement provisions, particularly in the ongoing West African Monetary Zone (WAMZ) programme.

In a speech read on the Director General’s behalf by Yakubu Aliyu who is Director, Fiscal Policy, Debt Management and Regional Integration Department at WAIFEM, noted that “understanding vital concepts such as revenue recognition, financial instruments, and implications for transitioning to IFRS is crucial for policy-making and critical management decisions in our deeply interconnected economies."

“We need a strong understanding of IFRS and its practical application in financial reporting to enable key stakeholders in the financial sector to make informed financial and accounting decisions in their jurisdictions,” the WAIFEM Director General said the World Bank/WAIFEM regional training on Debt Reporting/Monitoring and Debt Transparency in Accra.

Touching on debt reporting, monitoring and transparency, the WAIFEM Director-General said the introduction of complex debt-financing instruments necessitate vigilant public debt monitoring and strengthen transparency.

“Transparent debt management empowers policymakers, fosters responsible lending and borrowing, and shields economies from shocks. Hence, timely, accurate, and comprehensive reporting of debt management activities is not merely a matter of fiscal responsibility; it's a cornerstone for sustainable development if countries are to avoid risks of debt distress,” Dr. Baba Musa said.

He pointed out the critical role practical skills can also play to assess financing choices effectively and negotiate suitable loan terms while embracing sound practices in public debt transparency.

The WAIFEM Director-General in his remarks lauded the Central Bank Governor, Dr. Ernest Addison for his unwavering support and constant encouragement to WAIFEM.

He also commended the World Bank for their long-standing partnership and support to the initiatives at WAIFEM which has tirelessly built financial and economic management capacity across member countries.



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