Bankers from the English speaking West African countries are attending a seven day course on Financial Soundness Indicators in Banjul.

The course organised by the West African Institute for Financial and Economic Management in partnership with the International Monetary Fund aims to enhance the understanding of participants on Financial Soundness Indicators and its analytical approach to statistical perspective.

Khay Phousnith, a representative from IMF, welcomed the course with delight, adding “it’s designed for government officials involved in financial Soundness Indicators in either compiling or using financial Soundness Indicators in their workplaces.”

“As of now we have 138 member countries having reported financial Soundness Indicators data or meta data to the IMF for posting on it’s website,” he said.

Also delivering remarks on behalf of WAIFEM boss, Paul Mendy said ” this course is being organised in a period of heightened risk of global trade wars and potential downturn in output, which may threaten the Soundness of financial system.”

According to him, the global financial economy characterised by a high degree of interconnectedness among financial institutes has heightened the vulnerability of the financial system.

He said the situation which has left the West African subregion out has necessitated improved compilation, agregation, analysis and interpretation of financial data to adequately inform and ensure soundness of financial system.

Respresenting the governor of the Central Bank of the Gambia, Saikou Jabbi also said the ability to monitor financial soundness presupposes the existence of Indicators that will be used as a basis for analysing the current health and stability of the financial system.

Reporting by Adama Makasuba