THE Governor of the Central Bank of Solomon Islands (CBSI), Dr Luke Forau has emphasized the crucial role of research in supporting the development of government policies.
Dr Forau was speaking at the opening of the inaugural CBSI–Asian Development Bank Institute (ADBI)–Asia-Pacific Applied Economics Association (APAEA) Joint Workshop at the Heritage Park Hotel on Wednesday.
“Today’s conference is an important milestone in our ongoing journey of research capacity development, helping us address both existing and emerging monetary policy challenges,” Dr Forau said.
“The discussions here will cover a wide range of central banking topics, and the evidence presented will undoubtedly shape our policy thinking and design moving forward,” he added.
However, Dr Forau emphasized that the significance of the conference goes beyond merely discussing current economic issues.
“It also aims to serve as a catalyst for fostering a culture of rigorous research within the CBSI—one that will thrive on a growing repository of research and data,” he explained.
He further stated that wider dissemination of research findings will benefit Solomon Islands as a whole and help to establish a research ecosystem that supports the integration of high-quality macroeconomic evidence into the design and implementation of public policy at all levels.
Dr Forau highlighted that CBSI’s various research initiatives demonstrate its leadership in building such an ecosystem.
“The participation of several policy-making and research institutions in this workshop underscores CBSI’s central role in driving this progress, and I am proud of this achievement,” he said.
“I hope this conference will further enhance the visibility of the high-quality macroeconomic research being conducted in the region.”
Recognizing the value of evidence-based policy, Dr Forau acknowledged the growing complexity of the economic landscape facing Solomon Islands which is shaped by both domestic and global challenges.
These include increased vulnerability to external economic and financial shocks, the adverse impacts of climate change and other factors.
“In this context, our economic policies must be adaptive, forward-looking, and based on accurate, timely data.
“I believe research can serve as the bridge that connects us to these goals, acting as the cornerstone for informed decision-making and policy development,” he emphasized.
Dr Forau underscored that research enables policymakers to better understand economic dynamics, identify risks, and design policies that are not only effective but also sustainable.
“I am optimistic that CBSI will engage in collaborative research projects that will have a tangible impact on our nation’s economic policy-making, in partnership with APAEA and ADBI.
“This collaboration will help us design more effective monetary and fiscal policies, ensuring our economy remains resilient in the face of external shocks,” he added.
President of the Asia-Pacific Applied Economics Association and a Professor at Monash Business School, Professor Paresh Kumar Narayan was among the key guests at the workshop.
He is also the Editor-in-Chief of Emerging Markets Finance and Trade and Managing Editor of Bulletin of Monetary Economics and Banking.
Senior Consulting Economist and Advisor to the Dean at ADBI, Dr Peter Morgan also attended, while Professor Tetsushi Sonobe participated via an online presentation.
Photo caption: Participants in the inaugural CBSI–Asian Development Bank Institute (ADBI)–Asia-Pacific Applied Economics Association (APAEA) Joint Workshop in Honiara on Wednesday
By EDDIE OSIFELO
Solomon Star, Honiara
