By: Ilyasa Baa
The Bank of Sierra Leone will today Tuesday 21st June commence its training of trainers for the new recruits hired to serve on the sensitization drive in respect of the re – denominated currency about to be launched in the country.
Two males and two females were drawn from each chiefdom together with Paramount Chiefs to attend today’s session and on Friday those hired in the Western Area will be trained at the Bank Complex at Kingtom, in Freetown to be able to make Sierra Leoneans understand the dynamics of the new currency which the Bank has been talking about since August 2021.
The Director of Banking at Bank of Sierra Leone, Alfred Samai has said the Bank understands that more outreaching should be done so the people easily understand about the new currency. He said by July 1st the banks will start issuing the new currencies adding that the old currency will operate side by side with the new ones until Oct 1st when the old currency will cease to be legal tender.
“We are going to create outlets one at Post Office to change the old currency for members of the public after October when the old currency will cease to be a legal tender”, he confirmed to this medium, adding that Bo district will be the final place for the Bank’s outreach based on their schedule.
Alfred Samai noted that part of the training has to do with the handling of our currency which he said has a short life span due to the careless manner some people especially traders, handle Salone money. He said their re-denomination drive is not an event but a process that needs concerted efforts.
Speaking in the benefits of the new currency, Director Samai underscored that it would bring a psychological boost towards the value of the Leones as people will have value for change and not risk their lives passing around with chunks of cash. He said with the launching of the new currency to be legal tender in July, the Bank will study how the economy responds to the new currency.
The Bank has reintroduced from 1 cent to LE 20 to replace the many zeros in our local currency having the same value with the existing currency.
The re – denomination of the Ghanian cidis, according to Economists in the Sub-region has boosted their economy and adjusted inflation in that fast developing country.
The Bank of Ghana is contemplating the possibility of creating from 20 Cidis to 200C note now that the economy has responded to their new currency quit well.
