The West African Bankers’ Association (WABA) in collaboration with the Institute of Directors Sierra Leone are bracing up for another two days interactive training session from 16th to 17th March, 2009 in Freetown to strengthen the oversight functions on Board issues on the Companies Act CAP 249 and Bank Act, Bank of Sierra Leone Act and banking regulations, memorandum and articles for banks, privatization Act, Corporate governance and Board, understanding financial statement and underlying rules, regulation and law, risk management and effect on international financial crisis on banks in Sierra Leone, capital market issues, disclosure of interest, share holder and investor relations.
A couple of months ago WABA convened an international conference here in Sierra Leone to be specific at the Bintumani Hotel in Aberdeen Freetown that was attended by Bankers from the sub region to deliberate on the global economic crisis so as to mitigate its effect on the continent and to even put a mechanism in place to forestall any future economic crisis.
After the decade long rebel war in Sierra Leone and with improved macro-economic policy and relative political stability in the country we have witnessed rapid expansion in the financial industry especially the banking sector where over a dozen private banks are established throughout the country.
As a result of rapid expansion in the financial industry, much is expected by government in the form of employment creation, financial service delivery, keen competition among banks and increased national revenue base and generation to fast track economic growth.
Access Bank, Ecobank, FIB, GTB, Procredit Bank, Rokel Commercial Bank, International Commercial Bank, Skye Bank, Sierra Leone Commercial Bank, Zenith Bank, Union Trust Bank and the United Bank of Africa (UBA) Directors are expected to fully participate in the forth coming session.
The Secretary General of the West African Bankers’ Association WABA Mr. A. Abosi pointed out that banks are the fulcrum of national economy and the axis on which the economy rotates and therefore require a sound banking system. He stated that in the contemporary world you cannot divorce management problem from issues that bedevil the world as what affects America and Europe would be felt all over the world either directly or indirectly and their executive and non executive directors require some refreshers training programme in preparedness for effective oversight function at management level.
This session which is the first of its kind in Sierra Leone will to a very large extent yield dividend in management system.