AYV News, August 6, 2024

President Dr. Julius Maada Bio has joined the board, management, staff, and key stakeholders of the Bank of Sierra Leone to celebrate its 60th Anniversary at a banquet, recognising its achievements in rapidly decreasing inflation and stabilising the exchange rate.

The event, themed “Repositioning the Bank of Sierra Leone to Better Deliver on its Mandate,” highlighted the bank’s commitment to building on past successes while preparing for future challenges. He commended the unwavering dedication of past governors and current staff, emphasising the bank’s critical role in shaping the nation’s economic landscape.

“Today, I am pleased to announce to you all that inflation is rapidly decreasing, and the exchange rate has remained stable. In fact, inflation has been on a steady decline since its peak in October last year, from 54.59 per cent to 40.69 per cent in March 2024, 35.84 per cent in May 2024, and 31.93 per cent in June 2024, instilling a sense of optimism and hope for the future among our citizens and stakeholders.

“The commendable role of the Bank of Sierra Leone and its Monetary Policy Committee in achieving these significant milestones cannot be overstated. I, therefore, charge the leadership of the bank with a tall order: ─ Double your efforts and bring inflation down to the low 20s by the end of the year 2024 and to single digits over the medium term”.

The President also expressed his delight at participating in the diamond jubilee celebration and acknowledged the presence of distinguished personalities who had contributed to the bank’s goals and objectives over the years. He highlighted that their support demonstrated a collective commitment to the bank’s vision and the effective management of the country’s economy.

Reflecting on the bank’s history, President Bio remarked, “This milestone celebrates six decades of financial stewardship and is a testament to the dedication and progress of our beloved nation. Since its inception in 1964, the Bank of Sierra Leone has played a pivotal role in shaping our country’s economic landscape”.

He lauded the Central Bank’s resilience in navigating through challenging times and its continual adaptation to the evolving global financial environment. He reminded the audience of its foundational role in Sierra Leone’s monetary and economic independence and its ongoing contribution to the stability and growth of the nation’s financial system.

President Bio ended by highlighting the pivotal role of the Central Bank in advancing the National Development Plan’s Big Five Priority areas through digital banking solutions and financial literacy promotion. He also noted its crucial support during the COVID-19 pandemic, particularly through its Special Credit Facility, which ensured the availability of essential goods and services.

Governor of the Bank of Sierra Leone, Dr Ibrahim Stevens, expressed deep honour and gratitude to President Julius Maada Bio for gracing the anniversary celebration. He highlighted the bank’s significant achievements since the enactment of the Bank Act and the launch of the Leones, including the establishment of five commercial banks, legislative reforms, and the development of a macro financial system.

He emphasised the bank’s strategic plan to transform and deliver on its mandate, reinforcing its vision for a better and stronger economy.