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Saturday, January 28, 2023

Sierra Leone economy projected 5.4%

HomeAYV NewsSierra Leone economy projected 5.4%

Sierra Leone economy projected 5.4%

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The Governor made the aforementioned disclosure on the previous Friday, while delivering his annual speech at a dinner hosted at the Bank of Sierra Leone complex, Kingtom in Freetown. 

The Governor said that the higher 2017 projection was being made provided the country’s economy not being strike again by global shocks. He further stated that the country’s economy largely depended on primary commodity export; a situation he said made it vulnerable to global commodity price shocks.

The theme for this year’s speech was, ‘Repositioning the Bank of Sierra Leone for the Future. The Bank Governor’s speech focuses on key economic and financial developments which are significant to the country’s wellbeing.

The Bank Governor said one of the core mandates of the Bank of Sierra Leone happened to be the protection and satisfaction of customers. Dr. Marah said there have been several complaints from the public about the conduct of Banks in the handling of essential services.

He disclosed that Bank of Sierra Leone currently taking steps to establish the office of the financial Ombudsman for the effective resolution of customer complaints; and that effective electronics banking is crucial.

“Technological innovation and payment solutions will be an important enabler, in bridging the milestone in financial conclusion. The switch will help facilitates customer payment for utilities such as electricity and water services or loading of airtime on mobile phones and making payment using debit card” the governor said.

President Ernest Bai Koroma was in attendance in a smart black and white suit. In responding to the governor’s toast and speech the president’s believed that diversifying the country’s economy was fundamental, for a speedy growth of the economy. For him, what vitally needed currently in the country was what he referred to as the bread and butter issue.

“… Key issue is the bread and butter out there, how do we ensure that the man out there is comfortable and capable to afford his bread and butter on a daily basis” the President asserted.

The Governor’s dinner was full to capacity, with the presence of every banking institution represented, including government officials, given the premium the nation had put on the economy. Bank of Sierra Leone believed transforming the economy requires team work, feedback and coordination

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