The West African Institute for Financial and Economic Management (WAIFEM) on Monday 10th August, 2026 began a 5-day regional workshop on Construction of Macroeconomic and Uncertainty Indices (CMUI) in a Big Data Environment. The workshop was held at the Sierra Palms Hotel in Freetown bringing together participants from West African countries, including Liberia, Ghana, Gambia, Nigeria and Sierra Leone.
In his welcome address Dr. Christian R.K. Ahortor, Director of Research and Macroeconomic Management Department, representing the Director General of WAIFEM Dr. Baba Y. Musa on behalf of the Management and Staff of WAIFEM thanked participants for coming, adding that it’s an important regional workshop on Construction of Macroeconomic and Uncertainty Indices (CMUI) in a Big Data Environment.
He also thanked the Government and people of Sierra Leone for their gracious hospitality in hosting the workshop.
Macroeconomic indices summaries and track the essential dimensions of economic performance. It gives policymakers, researchers, investors, and international institutions a clear reading of where an economy stands, allow comparison across countries and across time, and make it possible to evaluate whether policy is working.
Uncertainty indices answer a different but equally pressing need. In an interconnected global environment exposed to geopolitical risk, financial market volatility, supply chain disruption, and climate related shocks, uncertainty itself has become a force shaping policy direction and economic outcomes. Economic, financial, and political uncertainty indices have accordingly gained prominence in analysis and in policy formulation.
Such measures help identify emerging risks, assess the likely impact of shocks, and inform timely monetary and fiscal responses. They offer insights into market and public sentiment, support transparent policy communication, and assist in analyzing cross border spillovers and international policy coordination.
Strengthening our collective capacity to develop, interpret, and apply these indices is therefore essential to economic resilience, policy effectiveness, and sound economic management. It is against this background that WAIFEM is organizing this course here in Freetown.
The objectives of the course is designed to equip participants with the knowledge and the practical skills required to construct, analyses and apply macroeconomic and uncertainty indices for economic surveillance, risk assessment, forecasting, and policy formulation in an increasingly uncertain global environment. It offers a thorough grounding in index construction, along with the judgment required to interpret and apply the result.
Dr, Ahotor also highlighted the themes of the programme noting that it will cover the relevance and uses of macroeconomic and uncertainty indices, composite versus singular indices, the theory of index construction, Macroeconomic indices, Uncertainty Indices, Broader Composite and Integrated Indices.
‘’I invite all participants to show eagerness, challenge conventional assumptions, and pursue practical solutions that advance the public interest. May this course deepen your technical capability, widen your professional networks, and inspire innovative work that strengthens economic policy formulation and implementation across our region,’’ he said.
In his keynote address for and on behalf of the Bank Governor, Dr Ibrahim Stevens, the Director, Monetary Policy Department Bank of Sierra Leone Mr. Eugene Caulker welcome Dr. Baba Y. Musa, the Director General of WAIFEM, and his team for organizing such training workshop while appreciating WAIFEMs steadfast commitment to strengthen institutional capacity across the West African Sub-Region.
Mr. Caulker said for three decades, WAIFEM has been a strategic partner in strengthening macroeconomic management across West Africa.
‘’Through this training, policy oriented research, and institutional development work, the institute has equipped thousands of public officials with the knowledge and practical skills to confront economic challenges of increasing complexity,’’ he said.
He use the occasion to thank the facilitators for their expertise and practical experience they bring to this training.
‘’To the participants, your presence here reflects a commitment to continuous learning and professional excellence. To those visiting Sierra Leone for the first time, I extend a particularly warm welcome to you,’’ Mr. Caulker noted.
The training topics includes Financial Stability and Monetary Conditions Index (FSMCI), the Real Sector Activity and Resilience Index (RSARI), the External Sector Competitiveness and Vulnerability Index (ESCVI), the Fiscal Sustainability and Risk Index (FSRI), and the Composite Macroeconomic Stability and Uncertainty Index (CMSUI).
Mr. Caulker concluded that he is confident that the course will provide an excellent platform for exchanging ideas , sharing experiences, and deepening practical knowledge on the construction and application of macroeconomic and uncertainty indices.
Dr. Jamaladeen Abubakarr, Senior Programme Manager, WAIFEM express gratitude to the Governor, Bank of Sierra Leone, managements and staffs for all the assistance given to WAIFEM towards the execution of the training workshop and to the Sub-regional representatives for making it possible to attend the workshop.
