By George M.O Williams
The Bank of Sierra Leone (BSL) has on Monday, July 22, 2024, launched its 60th anniversary celebrations with the theme: “Repositioning the Bank of Sierra Leone to Better Deliver on its Mandate in an Evolving Domestic and Global Environment”.
The anniversary will mark a significant milestone in the history of the bank given the fact that they had undergone reforms to meet international standard and had overcome challenges over the years.
Series of activities have been planned as part of the celebration including football and sports activities, thanksgiving services, a banquet, and symposium.
The Deputy Governor of Monetary Stability of BSL, Dr Joseph A. Tucker said the anniversary is a landmark celebration as it marks the Bank’s journey and tremendous progress.
He recounted that the Bank was established as an embodiment of the country’s monetary and economic independence from colonial rule.
“Following the enactment of the relevant enabling legislation on March 27, 1963, the Bank of Sierra Leone began operations on August 4, 1964,” Dr. Tucker said.
He explained that before 1964, the affairs of Sierra Leone was managed by the West Africa Currency Board for British colonial West Africa which issued the British West African currency for all British colonies in the region.
“But with the commencement of operations in 1964, the issuance of the new currency of Sierra Leone, ‘The Leone’ became a primary mandate of the new central bank – the Bank of Sierra Leone,” Tucker cited.
He mentioned that within 60 years, the Bank of Sierra Leone has adapted and evolved in the wake of internal and international dynamics and recreated itself to navigate the implications of continuously adjusting to the political and economic landscape and steadfastly committed to promoting economic stability, financial integrity, and sustainable economic growth.
In his keynote address, the Governor, Bank of Sierra Leone, Dr Ibrahim Stevens said that over the past six decades the Bank has steadfastly upheld its core mandates, adapting to the evolving financial landscape with resilience and innovation.
Dr. Stevens said the Bank of Sierra Leone has demonstrated unwavering resilience and has strengthened its resolve to build a robust and dynamic financial system that serves the people of Sierra Leone effectively.
The anniversary launch brought together past and present staff at the BSL headquarters in Freetown.
The Governor cited that the theme for the celebration had been carefully selected to ensure it aligns with the desire to commemorate the past and focus on the enchanting future which is froth with challenges.
“The theme encapsulated our resolve to reposition the bank to effectively navigate rapid advancements in technology and strengthen the financial sector as well as mitigate financial exclusion,” said Dr Stevens.
He said the rise of cryptocurrency, digital currencies, artificial intelligence, and cybercrime presents both challenges and opportunities. He added that the Bank of Sierra Leone is committed to embracing these advancements while safeguarding the integrity and security of its financial system.
He reiterated that their primary objectives include issuing and managing the nation’s currency; achieving and maintaining price stability; fostering a sound financial system; and supporting the government’s economic policy. These goals, he said, are intricately linked to the country’s national aspirations for a stable, inclusive, and resilient economy for all.
“Achieving price and financial stability remains our foremost priority. The recent decline in inflation, from a peak of 54.59% in October 2023 to 35.84% in May 2024, underscores our efforts to stabilise the economy.”
“This downward trend in inflation is projected by the Bank to be sustained, while there are upward risks to the projections, including higher global energy and food prices,” he said.
He emphasized that, recently a monetary policy has been consistently tightened to contain inflationary pressures. “This stance has been adopted in compliment with other reforms, including permitting lending in other currencies and allowing transactions in currencies other than the Leone on a case-by-case basis,” he said.
He said the stability of the Leone is a key outcome of the Bank’s commitment to credible policies to anchor inflationary expectations in spite of the externally generated challenges.