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Mr. Philip Abredu-Otoo (4th from left), head of the research department at the Bank of Ghana, with the participants. Image: GABRIEL AHIABOR
Technocrats from public institutions in West African countries have begun a course to build their capacity to maintain reliable and comprehensive data on trade and services.
Participants should also familiarize themselves with the data sources and techniques for compiling statistics on international trade in goods and services.
The one-week program, which began yesterday in Accra, is called "Regional Course on Statistics of International Trade in Goods and Services".
Forty participants, mainly from the Ministries of Finance, Statistical Services and Trade-Related State Institutions of the countries of the West African sub-region, participate in the course.
The countries are Ghana, Nigeria, Liberia, Côte d'Ivoire, Burkina Faso, Senegal, Gambia and Sierra Leone.
Ghanaian participants taking part in the course come from the Ministries of Finance, Trade and Industry, the Statistical Service of Ghana (GSS), the Bank of Ghana (BoG) and the Ghana Export Promotion Authority (GEPA).
The course is organized by the West African Institute of Financial and Economic Management (WAIFEM), in collaboration with the International Monetary Fund (IMF).
Focus
Dr. Baba Y. Musa, Director General of WAIFEM, said the course would focus on the difficulties of compiling statistics in areas such as manufacturing, insurance, financial services and construction.
He added that he would also cover other areas such as transportation services, travel and tourism satellite account links, insurance and pension services, royalties and fees. Use of intellectual property and digital business compilation issues.
"The course will deal with specific aspects of data processing in these sectors and their registration in the balance of payments.
Participants will have the opportunity to discuss the compilation issues they face and deepen their knowledge of the badytical uses of statistics in international trade in goods and services, "he added.
Mr Musa urged participants to take advantage of the opportunity to learn useful lessons that would deepen the delivery of services in international trade on the continent.
Importance
In a speech on his behalf, Dr Ernest Addison, governor of the BoG, said that the organization of the course was timely and that it would help the countries of the subregion to provide data. quality in the service sector.
He said reliable data is a prerequisite for economic and industrial development.
"The services sector plays an important role in all modern economies and the sector's activities need to be monitored on a continuous basis, as a resilient service sector will help stimulate economic growth," he said. he added.
He noted that, while the service sector has been a major contributor to economic growth, the impact has been minimal due to the lack of reliable data on this sector.
"The subregion faces challenges such as complex state taxes, trade barriers, inefficient transportation and communication systems, border barriers, currency and legal differences, and language barriers. .
"I expect these questions to be in your discussions so that practical solutions can be found to resolve them," he said.
Addison said it was important for countries in the subregion to make concerted efforts to build their capacity and put in place strong regimes to promote international trade.
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