By Yinka Ajayi
The West African Institute for Financial and Economic Management, WAIFEM, has trained policy analysts from the Central Banks of Nigeria, Gambia, Ghana, Liberia and Sierra Leone on new econometric software and their applications in analysis and decision making, in order to enhance economic growth.
The Director, Administration and Finance of WAIFEM, Mr. Euraklyn Williams made this known while giving a keynote address, at the programme, saying that at regulatory level, the use of econometric techniques allow for understanding and forecasting of the behaviour of economic systems.
“Econometric methods constitute integral part of decision making process. They aid policy makers in identifying optimal policies in predicting the evolution of economic systems, given changes in current policies. Economic research and analysis involve handling large data sets, which consist of thousands of cases and variables. Therefore, analysing these data to provide for explanation requires wide knowledge of econometric techniques”, William said.
“The course was designed to upscale the skills and competences of policy analysts for improved performance and understanding of various relationships as they affect the performance and workings of the economy. The course will cover key areas in econometric software and their applications, which are relevant in economic analysis. The course will also focus on Microsoft word, Excel, E-view, Stata and SPSS”.