By Saio Marrah
Sierra Leone’s President, Julius Maada Bio has announced that the country’s inflation has rapidly decreased from its peak 54.59 percent in October 2023 to 31.93 percent in June 2024, whilst exchange rate has also remained stable.
The president was delivering his keynote address at a Banquet in commemoration of the 60th Anniversary of the Bank of Sierra Leone, held at the Freetown International Conference Centre on Friday, August 2nd, 2024.
He said such a notable economic achievement is “instilling a sense of optimism and hope for the future among our citizens and stakeholders” and that “the commendable role of the Bank of Sierra Leone and its Monetary Policy Committee in achieving these significant milestones cannot be overstated.”
He however charged the leadership of the central bank to do more and bring inflation down to the low 20s by the end of the year 2024 and to single digits over the medium term.
Bio said despite the difficult domestic and external environments, the Bank has responded well and implemented a series of policies focused on achieving its key objectives and has been successful in many respects.
He said with the theme for this year being, ‘Repositioning the Bank of Sierra Leone to Better Deliver on its Mandate’ underscores the bank’s resolve to examine the challenges and successes of its past while envisioning the future, to not only strengthen the gains made but also develop robust and effective policy options to strengthen the country’s financial system, given the experience of the impact of unpredictable global shocks.
President Bio further described the central bank’s recently launched strategic plan from 2024 to 2028 as as a demonstration of its resolve to modernise the country’s financial system and improve financial supervision, among other policies.
The president pledged his government’s unwavering support to the central bank.
In his opening address, the Governor of the central bank, Ibrahim Stevens said the theme for this year has been the mandate of the institution and that it introduced the country’s Currency, the Leone in 1964.
He said over the years the bank has developed a strategy for financial inclusion.
He further noted that their successful sensitization has helped the transition from the old to the new Leone currency, which he said was among the factors responsible for the stability of the exchange rate and decrease in inflation.
He assured that the financial sector remains safe and sound.
Copyright © 2024 Politico (07/08/24)
