Twenty-nine managers from The Gambia, Ghana, Liberia, Nigeria and Sierra Leone received hands-on training this month to manage their public debt portfolios using a Commonwealth software.
Held from 7 to 11 July in Abuja, the training course was delivered by the Commonwealth Secretariat in partnership with the West African Institute for Financial and Economic Management (WAIFEM).
Participants were upskilled in the use of Commonwealth Meridian, a software used by all five countries, to record, manage and monitor public debt in line with internationally recognised standards.
The training comes at a time when public debt levels are increasing in the five West African countries. According to the International Monetary Fund, their average public debt reached 58 per cent of gross domestic product (GDP) by the end of 2024, up from 34 per cent in 2019, before the COVID-19 pandemic.
‘Debt management is a necessity, not luxury’
In an address on behalf of the Governor of the Central Bank of Nigeria, Dr Afangideh Udoma Johnson, Director of the Bank’s Monetary Policy Department, said:
“Sound public debt management is not a luxury; it is a necessity. At the heart of it lies a critical element: accurate, comprehensive, and timely debt data.”
He explained that without reliable data, governments cannot make informed policy decisions, creditors cannot assess financial risk, and citizens cannot hold governments accountable.
He described the regional training as “a vital step” in helping countries in West Africa modernise their debt management systems and prepare for future economic shocks.
During the training, participants also discussed the real-world challenges they face in collecting and reporting debt data, and explored how Meridian could help address those issues and promote transparency.
Hadiza Kande, a Manager in the Monetary Policy Department at the Central Bank of Nigeria, said the training had a positive impact on her work.
She added:
“As someone previously unfamiliar with the software, I found the structured guidance immensely helpful.
“The emphasis on reporting and debt sustainability concepts added valuable depth, highlighting how properly generated reports can serve as critical tools for evidence-based policy formulation and strategic decision making.”
Public debt stands at a crossroads
Opening the training, Dr Baba Musa, Director General of WAIFEM, observed that public debt stands at a crossroads, with West Africa facing structural vulnerabilities and global disruptions.
He said:
“These challenges have made it clear that strengthening debt management is not an option; it is imperative.”
Dr Musa said that the skills participants would gain would strengthen national debt offices and support wider efforts to build fiscal resilience and achieve sustainable development.
Stan Nkhata, a Debt Adviser at the Commonwealth Secretariat, encouraged participants to apply what they learned and make full use of the software.
“Meridian is only as powerful as the commitment behind it. If countries embrace it, it can become a backbone for better policy, governance, and debt sustainability in the region.”
The upgraded Meridian software is offered to countries as part of the Commonwealth’s debt management programme.
Learn more about the Commonwealth debt management programme
Learn more about the Commonwealth Year of Innovative, Resilient and Sustainable Debt
Media contact
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Snober Abbasi, Senior Communications Officer, Communications Division, Commonwealth Secretariat
