Finance Ministry Dedicates First-Ever Economic Forecasting And Training Lab
In its bid to enhance the assessment and analysis of the economy, as well as the quality of economic forecasting to adequately inform fiscal policies, and in order to continue to improve the technical capacities of technicians at the Ministry, The Ministry of Finance and Development Planning, Monday, July 3, 2018, officially dedicated its first-ever economic forecasting and training lab with support provided by the African Capacity Building Foundation.
Speaking during the ceremony, the Minister of Finance and Development Planning, Samuel D. Tweah conveyed appreciations to the ACBF for the enormous support it has continued to provide Liberia through the Ministry of Finance and Development Planning.
He described the support from ACBF as pivotal in helping to address the capacity challenges the country is faced with and expressed the hope for bigger support from the Foundation in order to continue to address these challenges.
Meanwhile, the Minister of Finance and Development Planning has underscored the need to now adequately utilize the lab to improve the effectiveness in the delivery of government.
Speaking further during his brief remarks at the dedication of the Economic Forecasting and Training Lab, Min. Tweah emphasized that across government, capacity development will feature paramountly in the development agenda of the government while acknowledging that the country still faces enormous capacity deficit despite enormous resources that have been directed over the years to tackling the capacity deficit.
He then stressed that there is always a need for a country to invest in human capital development if it is to be competitive.
The Minister of Finance and Development Planning has encouraged LIMPAC’s leadership headed by Mr. Del-Francis Wreh to ensure that the training facilities are not left idle but that they should be fully utilized if the goals of the ACBF-fund project and the vision of the Ministry under his leadership for improved technical capabilities of staff will be actualized.
Also speaking at the dedication ceremony, the Executive Director of the Liberia Macroeconomic Policy Analysis Center (LIMPAC) at the Ministry of Finance and Development Planning, Mr. Del-Francis Wreh reflected that the African Capacity Building Foundation during its mission to the country in early 2017 had discussed with the government of Liberia and authorities at the Finance and Development Planning Ministry about its commitment to helping to develop human capacity in the country.
Mr. Wreh reflected that during the ACBF Mission’s 2017 visit to Liberia, the head of the African Capacity Building Foundation (ACBF), Professor Emmanuel Nnadozie, reaffirmed the ACBF’s support to Liberia and disclosed that the Foundation was keen in supporting building the macroeconomic forecasting capacity of the Ministry of Finance and Development Planning, as well as providing support for the revitalization of the Liberia Macroeconomic Policy Analysis Center (LIMPAC) to become a robust and independent research think tank in Liberia.
He recalled that during the conversations with the ACBF’s team visiting the country, the ACBF expressed the desire that as part of its plan to help build capacity at the Ministry and in general contribute to capacity building across government, the Foundation felt it was important that in addition to the macroeconomic forecasts that emanated from the Central Bank of Liberia and other international partners, it was important that the Ministry‘s Department of Economic Management be technically empowered to collect data and forecast the economy, as well.
Mr. Wreh further disclosed that in addition to the support from the ACBF for the setting up of the Forecasting and Training Lab, the Liberia Macroeconomic Policy Analysis Center also with the support of the Foundation has conducted two research studies. He named the two studies as: i) Assessing the Economic Impact of UNMIL’s Drawdown and ii) Looking at the Challenges with Domestic Resource Mobilization.
He added that the studies had been completed and awaiting stakeholders engagement to discuss the findings.
The ACBF founded in 1991 is Africa’s lead capacity development institution that works across the continent to facilitate the timely implementation of continental and national development agendas.