By: Thaimu Bai Sesay
In a grand celebration held at the Freetown International Conference Center on Friday 2nd August 2024, His Excellency President Dr. Julius Maada Bio joined the board, management, and key stakeholders of the Bank of Sierra Leone to commemorate its 60th anniversary. The milestone event highlighted the bank’s remarkable achievements, particularly in rapidly decreasing inflation and maintaining a stable exchange rate.
Under the theme “Repositioning the Bank of Sierra Leone to Better Deliver on its Mandate,” the banquet showcased the bank’s commitment to future challenges while acknowledging its past successes. President Bio praised the relentless efforts of past governors and current staff, emphasizing the bank’s pivotal role in shaping Sierra Leone’s economic landscape.
“Today, I am pleased to announce to you all that inflation is rapidly decreasing, and the exchange rate has remained stable,” President Bio stated. He highlighted the steady decline of inflation from a peak of 54.59 percent in October last year to 31.93 percent in June 2024. This remarkable progress has instilled a renewed sense of optimism and hope among citizens and stakeholders.
The President did not shy away from setting ambitious goals for the bank. “I charge the leadership of the bank to double your efforts and bring inflation down to the low 20s by the end of 2024 and to single digits over the medium term,” he declared, urging continued dedication to economic stability.
The event was graced by distinguished personalities who have contributed to the bank’s goals over the years. Their presence underscored a collective commitment to the bank’s vision and effective management of the country’s economy. Reflecting on the bank’s history, President Bio remarked, “This milestone celebrates six decades of financial stewardship and is a testament to the dedication and progress of our beloved nation. Since its inception in 1964, the Bank of Sierra Leone has played a pivotal role in shaping our country’s economic landscape.”
He lauded the Central Bank’s resilience in navigating through challenging times and its continual adaptation to the evolving global financial environment. President Bio reminded the audience of its 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.
Highlighting the Central Bank’s contributions to the National Development Plan’s Big Five Priority areas, President Bio pointed to advancements in digital banking solutions and financial literacy promotion. He also noted the bank’s crucial support during the COVID-19 pandemic, particularly through its Special Credit Facility, which ensured the availability of essential goods and services.
Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, expressed deep gratitude to President Bio for honoring the anniversary celebration. He highlighted the bank’s significant achievements, including the establishment of five commercial banks, legislative reforms, and the development of a macro financial system since the enactment of the Bank Act and the launch of the Leones.
Dr. Stevens emphasized the bank’s strategic plan to transform and deliver on its mandate, reinforcing its vision for a stronger and more resilient economy. The celebration marked a significant moment of reflection and forward planning, underscoring the Central Bank’s critical role in Sierra Leone’s financial future.
As the evening drew to a close, the atmosphere was one of pride and determination, with a collective resolve to build on past successes and face future economic challenges head-on.
