By: Haja Hawa Koroma
H. E Dr. Julius Maada Bio has officially launched the New Leone Currency at the Bank of Sierra Leone Complex, Kingtom on the 1st July 2022.
In his speech delivered at the ceremony, he commended the Bank Governor, Deputy Governors, staff of the Bank of Sierra Leone, Ministry of Finance officials, commercial banks, and the numerous stakeholders who have all worked with great diligence to deliver the project.
The President also acknowledges his friends in the private sector, for being redenomination-ready and promises that in due time investments will make a lot of financial sense as their severance on operational and technical costs will be associated with using smaller volumes of notes.
His Excellency mentioned the issue about compatriots in the informal economy who may struggle with transactions using the new notes, and therefore encourages the bank to intensify its sensitization campaigns in the transition period and beyond.
Reaching out to the ordinary citizens in the markets, places of worship, their communities, in the rural areas, in their villages and towns etc. so that every citizen will have the chance to be informed fully about the new currency notes.
He added that, every Sierra Leonean citizen has the right to receive the correct exchange and transaction values for the old notes as we use them alongside the new Leones.
And it is also a civic duty on all of us as Sierra Leoneans to help our fellow citizens to get it right.
The President stated that the re-introduction of coins with real purchasing value will reduce the pressure on notes, but new technologies should be instituted in order to minimize volumes of cash transactions.
Being that citizens are already familiar with mobile cash systems, the idea is to build on what the citizens are familiar with to introduce other forms of cashless payment systems with which they can be comfortable and can use with great ease across the economy.
President Bio further stated that, Private investment dollars in infrastructure, small-scale manufacturing, value-added production, agriculture, renewable energy, and mining have continued to come into Sierra Leone. And on his recent visit to Qatar, there was a huge expression of interest in the agriculture and mining sector as they are attracted to the country’s huge natural resources, but they are happier about the investment ecosystem that is continuously being open them.
Furthermore, the President and his government intend to continue to make the country a peaceful, stable, and resource-rich country and a prime destination for investment as well.
The President further mentioned that there are a lot more benefits that this new money brings with it beyond what the technical people have said.
The technical experts have made a strong case. There will be a simplification of accounting records and a significant reduction in cash volumes needed for transactions. The inconveniences and inefficiencies of using the old notes will be a thing of the past. They have removed three zeroes, but the money yesterday is of the same value as the money today.
H. E highlighted that detractors will attempt to spread falsehoods about the value of the new note.
“Five Leones of new notes will buy you the same goods and services that Five Thousand Leones of old notes yesterday bought you” he said. As the Bank of Sierra Leone people have said, it is “New Money Same Value. New Notes; Same Value.”
“The value of your pension, your debts, your rent, and your salary remains the same” the President added.
President Bio implores all Sierra Leoneans to make it a task to sustain the currency’s value and reputation in the coming years, this Government’s focus is on continuing to manage the economy responsibly and to increase the value of the new currency.
The President stated that his Government will continue to implement the right policies on overall economic management and government spending. And he is certain that the Bank will do its part to ensure financial stability in accordance with its mandate.
H. E Julius Maada Bio wishes to inform citizens in this country that the new money is all ours. It is legal tender that is meant for the use of all Sierra Leoneans. It is a visible symbol of the nation. Therefore, we must all ensure to demonstrate a heightened sense of responsibility and patriotism in handling the new currency.
In his final remarks, the President reminded citizens that for the next 90 days, the new money will be used alongside the old Leone at the same value. Even after then, for 45 days, people can still exchange the old Leone for the new Leone at the Bank of Sierra Leone at the same value.
