An Economic Community of West African States (ECOWAS) workshop on economic monitoring, short-term economic forecasting and modeling for member countries is underway in Accra.

The four-day workshop is being organised by the Economic Commission for Africa Sub-Regional Office for West Africa (ECA SRO-WA) in conjunction with the Economic and Statistical Observatory for Sub-Saharan Africa (AFRISTAT).

According to a release signed by Mr Amador Diouf of ECA and Mr Edi Serge Jean of AFRISTAT, respectively, the short-term economic forecast workshop is a biannual event organised by the West African Monetary Union (WAEMU) countries including Guinea and Mauritania.

The forum is to better understand recent economic developments and forecasts at the ECOWAS (Ghana, Gambia, Liberia, Nigeria, Sierra Leone and Cabo Verde) and SRO-WA levels.

It has a main objective to share experiences on the recent economic developments and short-term macroeconomic forecasting methods used in English-speaking member states.

It also seeks to contribute to the efforts made to have a short and medium term overview of the macroeconomic indicators of the region.

Expected outcomes include strengthening collaboration with AFRISTAT, ECOWAS, West African Economic Monetary Union (UEMOA), West African Monetary Institute (WAMI), West African Monetary Agency (WAMA) and African Regional Technical Assistance Centre in West Africa (AFRITAC Ouest) in terms of support to countries in the area of statistical information and development.

It is to understand the analytical tools being used by member states and have an up-to-date data on macroeconomic forecasts in relation to growth, inflation, fiscal balances and external finances.

It is expected to be attended by statisticians involved in short-term economic indicator developments and economists in charge of short-term forecasting.

The workshop would be facilitated by ECA SRO-WA, ECOWAS Commission, WAMI, WAMA and AFRITAC Ouest.