The main focus of AFRITAC West 2 is to provide CD support in six West African countries (Cabo Verde, Ghana-host country, Liberia, Nigeria, Sierra Leone and The Gambia). This Regional Center located in Accra, is governed by a Steering Committee (SC) composed of representatives of AFRITAC West 2 countries and development partners. The activities undertaken by the center follow a detailed workplan, which is revised and approved by the Steering Committee. While it provides the general guidelines for the center’s work, the plan is applied flexibly and could change according to emerging needs and priorities. The center is financed by member countries, the IMF, multilateral and bilateral donors.
Staffing at AFRITAC West 2 is tailored to the needs and priorities of participating countries. The Center currently has seven resident advisors that implement CD in the following areas: Revenue Administration and Taxation, Public Financial Management, Macroeconomic Statistics, Monetary Operations and Payments System and Banking Supervision.
The first financing Phase of AFRITAC West 2 (2014 – 2019) ended in April 2019. During Phase I, the center administered over 600 CD missions, trainings and attachments to member countries. These were in line with objectives, outcomes and milestones entrenched in a results-based management (RBM) framework, and in cooperation with other RTACS and development partners in the region. Five years of support to country authorities and institutions, has led to key achievements in enforcing strong and efficient systems in the core macroeconomic and financial management areas.
- AFW2 provided intensive CD to support the Nigerian government in implementing the pre-requisite steps for Treasury Single Account adoption, at both the federal and sub-national levels (Kaduna state), in 2017 and 2018 respectively.
- Successful collection, compilation and release of updated and/or rebased national accounts and CPI data in Cabo Verde, The Gambia, Ghana and Nigeria.
- Introduced central banks in The Gambia, Liberia and Sierra Leone to new economic indicators such as the Composite Index of Economic Activity (CIEA), real-effective exchange rate (REER), and different core inflation measures to improve monetary policy analyses and policymaking.
- Assisted the Central Bank of Ghana, the Securities and Exchange Commission (SEC), and the National Insurance Commission (NIC) with the development of a risk-based approach to anti-money laundering and combatting the financing of terrorism (AML/CFT) supervision.
- The establishment of the Liberia Revenue Authority (LRA), in the aftermath of the conflict, including development of standard operating procedures, promoting more effective operations management and governance.
- Building on AFW2 CD in liquidity management and forecasting, three jointly-organized FX-market simulations (with AFE and AFS) led to Sierra Leone developing its FX markets and conducting its first automated FX market auction in 2018.
Going into Phase II, the Center aims to sustain a steady implementation of CD to its member countries. The focus will be on country ownership of CD interventions and the implementation of recommendations within a results-oriented approach. Regional integration and development partner coordination will continue to feature in AFRITAC West 2’s strategy, as outlined in the Phase II Program Document, endorsed by the Steering Committee.