IMF to establish five regional centres in Africa

The International Monetary Fund (IMF) is to establish five regional centres in Africa to provide technical assistance and training. The IMF signed two memoranda of understanding with Tanzania and Cote D'Ivoire for the establishment of the first two regional technical assistance centres, Last week.

Mr Horst Kohler, Managing Director of the IMF who announced this in Accra on Friday, said this was in response to requests by African Heads of State last year to the Fund to enhance its assistance for capacity building on the continent.

He did not disclose the other countries for the remaining three. Mr Kohler was speaking on the topic "Building a better future in Africa" in a statement on the IMF's Partnership with African member countries in Accra. He said the efforts by the IMF for capacity building in Africa was being carried out in close co-operation with the World Bank and other donors.

Mr Kohler said the capacity building efforts would be concentrated in the Fund's core areas of macroeconomic policy, tax policy and revenue administration, public expenditure, macroeconomic statistics and the building of sound financial sectors. He said the IMF would also continue to be an advocate for more official development assistance for Africa.

Mr Yaw Osafo-Maafo, Minister of Finance said Ghana was determined to be a role model in Africa in terms of development. He said the country reached the decision point under the HIPC Initiative in a record time and would reach the completion point also in a record time. The Finance Minister said Mr Kohler's third visit to Africa in three years showed his concern for the continent. Mr Horst Kohler has since left Accra for Washington.