AYV News, April 16, 2026
Training Consultant at the West African Bankers Association / JIT Capital Group, Prof. Ezekiel KalvinDuramany-Lakkoh, has underscored the importance of International Financial Reporting Standards (IFRS) 9 in transforming banking operations across West Africa.
Speaking during a regional training session, Prof.Duramany-Lakkoh described IFRS 9 as a critical framework reshaping financial reporting, risk management, and prudential discipline within the banking sector.
He explained that IFRS 9 introduces a shift from the traditional incurred loss model to a forward-looking Expected Credit Loss (ECL) approach, enabling financial institutions to identify and account for credit risks earlier using historical, current, and projected economic data.
Central to the standard is a three-stage impairment model, which classifies financial assets based on credit risk levels—ranging from 12-month expected losses to full lifetime loss recognition for impaired assets.
According to him, the adoption of IFRS 9 goes beyond compliance, serving as a strategic tool for banks to strengthen risk management systems, improve data governance, and enhance transparency. However, he noted that the framework also comes with increased demands on data, technology, and capital provisioning.
He emphasised that collaboration among regional financial institutions, particularly through WABA, will be essential to ensure effective and consistent implementation.
Prof. Duramany-Lakkoh concluded that embracing IFRS 9 will help build a more resilient and stable banking sector, ultimately supporting sustainable economic growth across West Africa.
