WAIFEM warns poor reporting threatens financial institutions in Sub-Saharan Africa
The West African Institute for Financial and Economic Management (WAIFEM) has warned that poor financial reporting and presentation skills continue to threaten the operations of financial institutions across Sub-Saharan Africa.
Director-General of WAIFEM, Baba Musa, stated that many institutions could face serious operational setbacks if they fail to prioritise effective communication in their daily activities.
He made the remarks in an interview with the media during a regional training course in Accra aimed at addressing bottlenecks in the financial sector.
“Most financial institutions in the Sub-Saharan African region risk challenges if effective financial reporting and presentation skills are not factored into their day-to-day activities,” Mr Musa said.
The five-day programme brought together participants from across the region to build capacity in financial reporting and communication. Organisers said the initiative is expected to close skills gaps, promote transparency and strengthen the resilience of financial institutions.
The Director of Research at the Bank of Ghana, Dr Philip Abradu-Otto, emphasised the wider economic significance of sound financial communication.
“Good financial reporting and effective presentation are critical not just for internal decision-making, but also for external stakeholders who rely on the data to drive economic growth,” he noted.
WAIFEM maintains that the training forms part of broader efforts to enhance financial management practices and support economic stability within the West African region.
