By Amin Kef (Ranger)
The Bank of Sierra Leone celebrated its 60th anniversary with a grand banquet at the Freetown International Conference Center in Aberdeen. The event, held on Friday August 2, 2024, saw the presence of the bank’s Board, Management, Staff, key stakeholders and distinguished guests, including President Julius Maada Bio.
Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, expressed deep honor and gratitude to President Bio for attending the celebration. He highlighted the bank’s significant achievements since the enactment of the Bank Act and the launch of the Leones. These include the establishment of five commercial banks, legislative reforms and the development of a robust macro-financial system.
Dr. Stevens emphasized the bank’s strategic plan aimed at transforming and enhancing its mandate, reinforcing its vision for a stronger economy. “We are committed to delivering on our mandate and driving the economic growth of our nation,” he stated.
President Bio, in his address, commended the bank’s critical role in shaping Sierra Leone’s economic landscape. He noted, “Today, I am pleased to announce that inflation is rapidly decreasing, and the exchange rate has remained stable. Inflation has been on a steady decline from its peak of 54.59% in October last year to 31.93% in June 2024. This progress instills a sense of optimism and hope for the future among our citizens and stakeholders.”
He lauded the Bank of Sierra Leone and its Monetary Policy Committee for their commendable efforts in achieving these significant milestones. “I charge the leadership of the bank to double their efforts and bring inflation down to the low 20s by the end of 2024 and to single digits over the medium term,” President Bio urged.
The President also reflected on the bank’s history, celebrating six decades of financial stewardship and resilience. “Since its inception in 1964, the Bank of Sierra Leone has played a pivotal role in shaping our country’s economic landscape. Its resilience in navigating through challenging times and its continual adaptation to the evolving global financial environment are commendable,” he remarked.
He highlighted the Central Bank’s 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 also acknowledged the bank’s pivotal role in advancing the National Development Plan’s Big Five Priority areas through digital banking solutions and financial literacy promotion. He noted its crucial support during the COVID-19 pandemic, particularly through its Special Credit Facility, which ensured the availability of essential goods and services.
The celebration, themed :”Repositioning the Bank of Sierra Leone to Better Deliver on its Mandate,” underscored the bank’s commitment to building on past successes while preparing for future challenges. The presence of distinguished personalities who have contributed to the bank’s goals and objectives over the years demonstrated a collective commitment to the bank’s vision and the effective management of the country’s economy.
The event was a fitting tribute to the Bank of Sierra Leone’s 60 years of dedication and progress, marking a significant milestone in the nation’s economic journey.
