As the international financial crisis deepens with serious consequences for financial institutions world wide, the West African Banker’s Association (WABA) will this week convene a seminar in Freetown on a theme: ‘the current international financial crisis.’
The seminar which is expected to attract financial experts from all the fifteen ECOWAS States would be charged with a task to access and analyze the implications of the international financial crisis for banks in the West African Sub-region; with the view of strategizing a plan to mitigate its effect on ECOWAS Member States.
In an interaction with the Secretary-General of West African Bankers’ Association, Agbai Abosi, it was disclosed that a series of seminars on standardize banking, corporate governance and procurement have been organized in Nigeria, Senegal and other ECOWAS Countries.
He noted that WABA is an umbrella organization for all the banking institutions in West Africa; charged with the responsibility of standardize banking practice in the Sub-region; adding that there is rapid growth in the financial industry in Sierra Leone with the establishment of banking institutions everywhere.
These banking institutions, he noted, has a link with the Central Bank of Sierra Leone.
They also serve as major employees to a huge proportion of the labor force in the Country; while at the same time they contribute immensely towards the national revenue.
He said the international seminar on global financial crisis is very crucial to the economic growth of the Country, as experts from the various States in West Africa are expected to put efforts in place to stabilize the financial market. The global financial crisis, he confirmed, has serious consequences on the giant economy in the west, with little impart on West Africa as a result of the influence of the global village.
As a way of sharing experiences and mitigating the trickle down effect of the global financial crisis, WABA has extended an invitation to both local and international bankers in the Sub-region to map out a way forward for the current economic recession and to forestall any future financial crisis.
Highlighting the prevalence of money laundry, Abosi acknowledged that Sierra Leoneans may have suffered a lot of prejudice from the collapse of banking institutions but explained that WABA has held collaborative seminars on money laundry and other financial crimes, with the view of putting an end to it.