MEFMI Trains Rwanda Officials in Macroeconomic Modelling and Forecasting

MEFMI organized an in-country workshop on introduction to macroeconomic modelling and forecasting from 28 August to 8 September 2023 in Kigali, Rwanda.

The workshop aligned with the MEFMI Phase VI strategy, which identifies modelling and forecasting as a key focus area for the region.  The workshop’s objective was to equip participants with an understanding of the techniques in macroeconomic modelling and forecasting. It was designed to build and strengthen the participants’ knowledge and ability to apply standard econometric techniques, ranging from data collection and management, equation estimation, model building and forecasting. The workshop made use of the macroeconomic data of Rwanda and EViews software to conduct practical exercises. Upon the workshop’s completion, MEFMI anticipates that participants will possess the essential skills needed to construct a macroeconomic model and a deeper and better comprehension of policy analysis. In the longer term, the knowledge and expertise acquired from this workshop will significantly contribute to well-informed economic policymaking, fostering the use of reliable economic projections, effective policy discussions and successful implementation.

Macroeconomic modelling and forecasting have evolved into a vital tool for policymakers in various governmental and relevant institutions. It plays a crucial role in quantifying the potential impact of policies and projecting the future course of action. Recognizing the significance of this, the National Bank of Rwanda, as part of its capacity-building initiatives, requested for an in-country workshop on this subject for its staff, particularly their newly recruited young professional economists.

A total of 16 officials from the National Bank of Rwanda’s Monetary Policy, Research, Statistics and Financial Stability Departments attended the workshop. Of the 16 participants, 3 (18%) were female while 13 (81%) were male. The workshop was facilitated by Dr. Austin Chiumia from the Reserve Bank of Malawi, Dr Patrick Ndzinisa from the Central Bank of Eswatini and Dr Frank Chansa from MEFMI.

Prepared by Frank Chansa.