IMF technical assistance centre opened in Accra

The International Monetary Fund (IMF) yesterday opened a technical assistance office, AFRITAC West 2, in Accra to serve its member-Anglophone countries in West Africa.

The establishment of Regional Technical Assistance Centres (RTAC) is the IMF‘s regional approach to technical assistance and training and allows for better tailoring of assistance to the particular needs of a region, closer coordination with other assistance providers, and enhanced ability to respond quickly to emerging needs.

Opened by the Minister of Finance Seth Terkper, the centre in Accra is the ninth to be opened by the IMF worldwide and the fifth in the sub-Saharan region.

Director of the IMF’s African Department, Antoinette Sayeh, said opening the centre will spread further Ghana’s reputation as a regional centre for intellectual and technical excellence.

“Already, IMF capacity-building programmes in sub-Saharan Africa take about 30 percent of funds earmarked for technical assistance. This is not surprising seeing the capacity needs of the region, with 40 percent of the assistance being provided through the AFRITACS (African Technical Assistance Centres). The centre can help countries in the area of peer-learning, which is a very important part of sharing experience on the reform and capacity-building front,” she said.

The operations of AFRITACS, Ms. Sayeh said, are flexible; and the potential and challenges of the environment in which they operate are well-known to the resident advisors. “They provide good value for money by being so close to our country-authorities and their needs. Being located in the field and getting guidance from the steering committees is very important in helping Afritacs to be successful”.

The opening of the centre coincided with the first Steering Committee meeting of the centre. The guidance of the committee is an integral part of the management of AFRITAC West 2, said Luc Leruth, the centre’s cordinator.

Mr. Terkper said the success of the Afritac West 2 -- which will serve Nigeria, Cape Verde, Ghana, Sierra Leone, The Gambia and Liberia -- depends on its cooperation with the regional bloc, ECOWAS, which has similar arrangements.

“The modus operandi of the centre results from a collaborative venture between the IMF, the host and other recipient countries, and bilateral and multilateral donors. We are pleased to have contributed to this joint effort,” he said.

The centre’s activities will take place in close cooperation with the African Development Bank and donor partners. This facilitates a coordinated design, implementation, and monitoring of ongoing technical assistance programmes in member-countries.

AFRITACs are financed by contributions from a number of donors and the IMF as well as host and beneficiary countries. Current donors include the African Development Bank, Australia, Brazil, Canada, European Investment Bank, European Union, France, Germany, Italy, Kuwait, Luxembourg, Netherlands, Switzerland, and United Kingdom.

By Richard Annerquaye Abbey | B&FT Online | Ghana