By Nasratu Kargbo
The Deputy Governor Bank of Sierra Leone Sheikh Yayah Sesay says the bank is committed to ensuring price and financial stability in the country.
Speaking at the institution’s first annual conference with the theme “Monitoring policy and inflation in Sierra Leone”, Sesay said the two elements will work in tandem with other economic fundamentals to achieve sustainable economic growth, adding that price stability is a core mandate of monitoring policy in modern central banks.
He stressed the integral role the research and statistics department has to play in the development of the country’s economy.
The Acting Bank Governor Ibrahim L. Stevens said in fulfillment of their objective of price stability, BSL has continued to tighten its stance by increasing monetary policies.
He made a commitment on behalf of the financial institution to continue to tighten monetary policies in order to bring inflation down.
“The Bank of Sierra Leone is committed to financial stability and inclusion”, he said.
He described the theme of the event as timely and relevant, noting that inflation affects every person and erodes purchasing and the external value of the currency, which according to him has adverse implications on economic growth.
Stevens explained that the effects of COVID-19 and the Russia- Ukraine war have caused an increase in inflation around the world, with Sierra Leone not being an exception. He mentioned a series of interventions made to cushion the effect on the citizens.
He said the Bank of Sierra Leone is the first central bank in the ECOWAS region to host an annual research conference, stating that it is common in advanced countries. He explained that such conferences bring together researchers and policymakers to discuss issues that are of financial and economic relevance to countries, regions, and the world.
The acting governor then launched seven publications done by the bank’s research department such as the Policy Brief, Hand Book, and Working Paper Series that were then uploaded onto the central bank’s website.
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