##repancy between the economic concept that we would want to measure and the real phenomenon that the statistics attempts to measure. for example gross domestic product seeks to measure the total economic activity, the value added that takes place in the economy over time. it is almost impossible to measure this directly. instead much of the data is estimated from surveys. this gives rise to measurement issues relating to coverage, sampling and non - response, but not such as to undermine their integrity. it is therefore normal to have revisions as new information that improves the accuracy of the data is received. gdp growth and inflation ( as measured by changes in cpi ) are two of the most important indicators that are closely watched. they do have both economic and political significance, as they have become the standard tools for assessing performance. 1 / 2 in fact, ease of access to official statistics has become a hallmark of open and democratic societies, making it imperative for ensuring its accuracy and timeliness. the only way we can measure our short - to - medium term macroeconomic performance would be to effectively and accurately measure trends in monetary aggregates, balance of payments, debt sustainability and fiscal performance in addition to gdp and inflation. sound statistics are necessary to monitor these trends closely and accurately because of the economic costs that can accrue from imbalances and deviations of these indicators from sustainable levels. mr. chairman, a conscious effort on our part to improve upon data collection in terms of timelines and accuracy has an international dimension of interest. data are essential for investors, international organisations, financial institutions, banks and fund managers who rely on data of various countries to evaluate their investments. we all agree that data can be unreliable and prone to different interpretations or too dated to be useful. improving upon the reliability and timeliness of data enhances the chances of attracting foreign direct investment and allowing better assessment of various risks associated with investment decisions. absence of data closes the door to any access to financing from the international capital markets in a globally interdependent world. there is a need for proper funding and adequately resourcing our official institutions in charge of generating data, not only to ensure that disseminated data are accurate and reliable but also to ensure that they are current and not dated. mr. chairman, notwithstanding the significance of accuracy and timeliness of data in our national building efforts, our official institutions that have responsibility for collecting, collating and analyzing data have not received the prime support in terms of resources. it is caught up in a vicious

focused culture to develop products and services to meet the banking needs of the public. whilst they may target the blue - chip companies in the system for good reasons, there is a clear need to also give the small business enterprise sector a focus and to provide services to meet the needs of this relatively neglected sector of the banking market. 17. on this note, mr. chairman, let me once again congratulate the board, management and staff of standard chartered bank on the opening of this new headquarters building. ba es o f gh a na nk t. 1 9 5 7 thank you all for the attention.