(Commonwealth)—Twenty-nine senior debt managers from five countries in West Africa—The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone—have finished a specialized course designed to improve their capacity to manage public debt using the Commonwealth’s advanced software platform, Meridian.
The on-the-job training of 7 to 11 July, Abuja, Nigeria, was hosted jointly by the West African Institute for Financial and Economic Management (WAIFEM) and the Commonwealth Secretariat. The training was focused towards practical skill application by officials through the use of the Commonwealth Meridian software, a technology now being applied in all five participating countries for tracking, recording, and monitoring the public debt portfolios.
The plant came at a most timely moment because the region is having trouble keeping up with increasing debt levels. The most recent data released by the International Monetary Fund shows that the combined average public debt of the five West African countries rose to 58% of their combined gross domestic product (GDP) by the end of 2024. This percentage is up from 34% in 2019 and is mainly attributed to the economic disruption caused by the COVID-19 pandemic and other issues at the global level.
The Commonwealth Meridian software provides an in-built system based on the international best practice in managing debt. It provides countries with adequate and transparent debt information to support well-informed decisions and enhance the responsibility of public finance management. Members used various modules of the software during training and understood better how to compile accurate, timely, and relevant debt reports.
Among the main subjects of the training was how to address the working conditions of most of these nations with respect to collecting, analyzing, and reporting debt data. Some of the participants noted the inadequacies of current reporting systems and suggested how Meridian could provide these features, providing greater transparency and efficiency to national debt offices.
The hands-on approach to training ensured everyone, including those with no experience or idea of the software, gained hands-on experience. The official lectures were based on a step-by-step understanding of the system, as well as on other important topics as debt sustainability and reporting structures. The use of the software not only as a tool to manage data but also as an instrument of evidence-based policy and strategic planning was imparted to participants.
Besides training, the program also provided a platform for learning from each other and collaboration. Countries exchanged their special debt management challenges and debated regional solutions to enhancing debt management. Sharing experiences also brought into focus similarities in the region’s problems, such as outdated systems, inaccuracy in data, and absence of harmonized reporting systems.
The organizers emphasized that adherence to excellent standards of debt management needed to be sustained. They highlighted that while computer packages like Meridian are critical, their success depends on how well debt offices adopt and utilize them. Governments were called upon to invest in regular training and capacity building to ensure reforms are sustainable.
WAIFEM leadership also reiterated the importance of debt management for macroeconomic stability and West African sustainable development. Given that there existed both economic structural weaknesses and contagion from external financial shocks to the region, never before has there been such a need for effective systems of debt management.
By the end of the program, the participants had acquired not only the technical ability of the Meridian system but also a new direction in work. Public debt management has now become one of the pillars toward building fiscal resilience, strengthening governance, and supporting national and regional development goals.
This training scheme plays a crucial role in the Commonwealth Secretariat’s efforts to assist member governments in strengthening their public financial management. As debt continues to accumulate in the world’s developing areas, including Commonwealth Meridian—along with targeted training and policy support—governments are discovering that they require this type of tool to manage complex money systems with more confidence and transparency.
