By Amin Kef Sesay
The West African Bankers’ Association (WABA) is set to convene its 78th Executive Council Meeting and 42nd General Assembly in Freetown, Sierra Leone, from August 8th-9th, 2024. This significant event, hosted by the Sierra Leone Association of Commercial Banks (SLACB), will take place at the Freetown International Conference Hall.
The gathering will feature key panel discussions on critical topics such as IFRS 9 for Directors, Cross-Border Settlement System and Debt Management and Recovery. These discussions aim to address current challenges and advancements in the banking sector, ensuring insightful and informative sessions.
Prominent figures slated to speak include Sheku Ahmed Fantamadi, the Minister of Finance, Dr. Ibrahim Stevens, the Governor of the Bank of Sierra Leone, Dr. Guy Laurent Fondjo, the President of WABA and Dr. Walton Ekundayo Gilpin, the President of the Sierra Leone Bankers’ Association (SLACB).
The agenda also includes the presentation of WABA’s financial accounting, annual audit reports, annual subscriptions and an overview of the Secretariat’s daily operations during the 42nd General Assembly.
Alhajie Geng, Secretary General of WABA, expressed enthusiasm for the event, stating, “We are delighted with the commitments we have received from the Central Bank of Sierra Leone and the Sierra Leone Association of Commercial Banks in hosting this year’s assembly in Sierra Leone.”
Since its establishment in 1975, WABA has been instrumental in promoting economic and financial integration within the ECOWAS region. The Association, comprising primary banks, development banks, credit institutions and banking bodies in West Africa, has been a driving force behind initiatives like the West African Clearing House (WACH), which facilitates intra-regional trade.
WABA’s mission includes advocating for the banking and financial sector, promoting international standards of professional practices, and enhancing cross-border banking and financial transactions. This mission supports the broader goal of economic and monetary integration and development within ECOWAS.
Looking ahead to 2030, WABA aims to be recognized as the most impactful Regional Banking Association in Africa. The Association values solidarity, openness, accessibility and scalability, striving to be a benchmark for the economy, banking and financial sectors of ECOWAS.
As a member of the ECOWAS Private Sector Group, WABA is involved in key projects such as the creation of a single currency, the ECOWAS Regional Payments System, and a centralized credit risk database. The Association also focuses on promoting good corporate governance practices in West African banks and financial institutions through various forums, training seminars and conferences.
WABA’s dual role as a professional and political organization positions it to effectively represent its members’ interests while facilitating communication between the ECOWAS Commission, member states and the banking and financial system. Its objectives include strengthening cooperation among ECOWAS banks, harmonizing professional rules and practices and addressing common issues within the regional banking sector.
This upcoming assembly is expected to significantly impact the banking and financial landscape of the ECOWAS region, fostering increased cooperation, standardization and growth. As WABA continues to pursue its goals, it is poised to play a pivotal role in shaping the future of banking and finance in West Africa.
