The African Economic Research Consortium (AERC) in partnership with African Econometric Society (AFES) and support of the government held a conference in Nairobi calling for international collaboration so as to curb challenges of available data in economic planning.
The three-day conference titled ‘Bringing rigour and evidence in economic planning in Africa’ aims to offer access to reliable, credible and up to date economic data in a quest to chart favourable plans in Africa.
It also seeks to use economic theory, mathematics and statistical inference to its phenomena in policy making objectives.
National Treasury Cabinet Secretary Prof. Njuguna Ndung’u highlighted the need for reliable economic statistics and data provided by professionals to aid development planning in the continent.
Ndung’u called for concerted efforts among policy makers and management technocrats in the country and Africa as well beyond to address the challenge of current credible and reliable data in economic planning.
He added that there is a need for adequate economists, statisticians and econometricians who are dependable and available on a timely basis widespread, regionally and internationally so as to improve the sector.
‘Most African countries are usually in arrears, especially within the National Accounts Statistics. As a policy maker, I know how frustrating it is to work with scanty data or stale evidence,’ disclosed Ndung’u.
Royal Danish Embassy Ambassador to Kenya Ole Thonke emphasised the need to enhance research to unleash the continent’s potential addressing its structural, fundamental and economic issues and challenges citing that many African countries still struggle with imports and exports in spite of their growth and moving forward.
‘I am a firm believer that Kenya and Africa have abundance of skilled manpower and natural resources when put to good use via better research and police will unleash more opportunities for a better future consequently drive our economy forward,’ said Thonke.
Echoing his remarks, AERC Executive Director Prof Theophile Azomahou acknowledged that that research plays a key role in economic development and as a leading economic policy and research institution they are working on advancing the role of econometrics in the country.
Azomahou stated that they are geared towards strengthening the capacity of researchers and graduate students in Africa by advocating and impacting economic knowledge and policies, noting the regional conference for Africa as the first step in the right direction.
‘This week prefigures the future of global knowledge and excellence in putting our feet into those big giants,’ said Azomahou.
Source: Kenya News Agency