Business
IMF Opens Fifth Regional Technical Assistance Center in Africa
ACCRA – The International Monetary Fund (IMF) today officially opened its fifth Africa regional technical assistance center (AFRITAC) in Ghana, offering capacity building services to six countries across Western Africa.
This fulfils the IMF’s commitment to extend the AFRITAC network to serve all sub-Saharan African countries—a commitment made in 2002 with the IMF Capacity Building Initiative for Africa. The initiative seeks to strengthen the capacity of African governments and institutions to design and implement sound macroeconomic policies consistent with their poverty-reducing strategies.
“This is an important day for capacity building in Africa,” the IMF’s Africa Department Director Antoinette Sayeh told donors, delegates, and staff at the opening ceremony in Accra. “The IMF launched this initiative with a vision: give access to all countries in sub-Saharan Africa to an IMF regional technical assistance center”, she added, noting that this vision was a response to African heads of state, who realized the continent needed centers of capacity-building excellence on the ground in the face of mounting challenges. “Today, this vision is implemented,” she said.
The new center, located in Accra, became operational on January 13, 2014. It serves Ghana, Cabo Verde, Liberia, Nigeria, Sierra Leone, and The Gambia. It complements four existing AFRITACs: AFRITAC East opened in 2002 in Dar es Salaam, Tanzania; AFRITAC West 1 opened in 2003 in Abidjan, Cote d’Ivoire; AFRITAC Central, opened in 2007 in Libreville, Gabon; and AFRITAC South opened in 2011 in Port-Louis, Mauritius. The five centers cover all sub-Saharan African countries.
Like its sister offices, AFRITAC West 2 will provide capacity-building assistance through a team of international resident experts, supplemented by short-term specialists, who will deliver assistance in the IMF’s core areas of expertise. Those areas include financial sector supervision, monetary operations and payment systems oversight, tax and customs administration, public financial management, and macroeconomic statistics. The center is led by a coordinator and is guided by a steering committee whose members represent the beneficiary countries, donors and the IMF.
Ms. Sayeh recognized the contributions to AFRITAC West 2 from Ghana, the host country; the donors, including Australia, Canada, China, the European Union, Switzerland, the African Development Bank and the European Investment Bank; and the IMF. She noted, however, that member countries other than Ghana were also expected to financially contribute to the center and was hopeful that their contributions would be forthcoming as they learn more about the benefits of the center. “Indeed,” Ms. Sayeh emphasized, “capacity-building assistance was critical for African countries to develop the strong institutions needed for implementing the macroeconomic policies conducive to sustained development.”
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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