The West African Institute for Financial and Economic Management (WAIFEM) on Monday 5th May 2025 began a five day regional course on Optimizing Reserves and Foreign Exchange Management for Income Generation. The programme was held at the New Brookfield’s Hotel in Freetown, Sierra Leone bringing together participants from WAIFEM member countries, including The Gambia, Ghana, Liberia, Nigeria and Sierra Leone.
In his welcome address Mr. Amadou S. Koora, Director, Financial Sector and Payment System 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 its an important regional course on optimizing reserve and foreign exchange management for income generation.
He also thanked the Government and people of Sierra Leone for their gracious hospitality in hosting such a programme.
Our core institutional mandate is to build the capacity of member countries, address Governance and Institutional Development, Fiscal Policy, Debt Management and Regional Integration, Financial Sector and Payment Systems and Macroeconomic Management constraints, he said.”
In an increasingly dynamic and interconnected global financial environment, Central Banks must not only safeguard microeconomic stability but also explore opportunities for optimizing the use of natural resources, particularly foreign reserves.
The course was carefully designed in response to the growing demand across the sub region for capacity building in this critical area. It aims to build the skills and knowledge required for modern reserve management practices that are both risks aware and return oriented. It’s also highlights the strategic role that reserves management plays in national economic development, financial sector resilience, and external debt sustainability.
Through this programme, WAIFEM seeks to deepen participants understanding of how central banks can manage fixed income instruments, develop coherent investment strategies, and implement effective reserve trenching frameworks to optimize returns while mitigating risks.
The regional course brings together professionals from WAIFEM member’s countries and beyond, providing a unique opportunity for peer learning, knowledge exchange, and professional networking.
It’s also covered the Understanding Foreign Exchange Reserves, Markets and Instruments, Investment Strategy Formulation, Valuation of Fixed Income Instrument, Risk Management, Foreign Exchange Management for Income Generation, Investment Policy and Guidelines and so on.
Mr. Amadou S. Koora concluded that the course will add significant value to participant’s professional development and institutional performance.
He urged all participants to fully engage with the course content, share experiences and build lasting professional relationships.
In his keynotes address for and on behalf of the Bank of Sierra Leone Governor, Dr Ibrahim Stevens, the Deputy Governor in charge of Financial Stability Bank of Sierra Leone Sheku Yayah Sesay highlighted strategies for optimizing reserves and foreign exchange management while pin pointing the way forward for a better regional cooperation the road to optimization is never without obstacles.
He said countries grapple with volatile exchange rate, fluctuating commodity prices, inflationary pressures, and geographical risks.
“Moreover, maintaining an adequate level of reserves often comes with opportunity costs such as the funds, healthcare, infrastructure and education investments.”
He explained the Reserves and Foreign Exchange Management for Income Generation, the Strategies for Optimizing Reserves and Foreign Exchange Management, the Role of Good Governance in Reserves Optimization, the Way Forward of the course.
He said the sub region needs to sustain the momentum of reforms and deepening of the economy and financial system.
The Governor’s representative commended WAIFEM for organizing such programme and urged participants to seize the opportunity offered by the course to upscale their skills and competencies in these vital areas.
In her vote of thanks, Dr. Mrs. Patricia Adamu, Assistant Director, FSPSD, WAIFEM expressed gratitude to the Honourable Governor, Bank of Sierra Leone, managements and staffs for all the assistance given to WAIFEM towards the execution of the programme and also the Sub region representatives for making this possible for this program.
