By: Ilyasa Baa
The Bank Governor of the Bank of Sierra Leone, Dr. Kelfala Kallon has said the level at which African countries including Sierra Leone are currently suffering as a result of the Russian attack on Ukraine is more than how it affects the war torn country.
The Bank Governor made this statement while in his sensitization move on the new currencies. He informed the public that he was with his colleague Bank Governors in Switzerland and in that meeting it was concluded that African countries suffer more that Ukraine at the moment. He said in Sierra Leone what we are facing is not different from what other countries currently face considering the price hikes of commodities like fuel, fertilizer and other consumables. He said the situation now is that fuel is purchased with US Dollars cash unlike before when the dealers were given three months to pay after supply.
According to the Bank Governor, the Central Bank has been actively playing its role in providing the rough Dollar notes to enable the fuel dealers bring fuel to the country.
He emphasized on the need for production to take place in the country noting that it is a solution to inflation and the current crisis faced by the country. He lamented that everybody wants to buy and sell forgetting about production which is key to addressing inflation. He said we admire the growth of China today noting that they used agriculture to develop the country within a short period emphasizing mainly on working in the farms. Dr. Kallon called for a structural change noting that agriculture is the engine to turn the country’s poor economic status to one that is satisfactorily accepted.
He called on commercial banks to stop charging high interest for loans given to citizens. He said he has ordered the banks to work on their interest rates otherwise he will use his power to have them do the adjustment.
On the newly released currencies, Dr. Kallon has warned especially people residing in the interior to be mindful of counterfeiters who may want to use this opportunity to defraud people for their personal gains.
“Be watchful and work with the banks or bank officials to change money”, the Bank Governor cautioned.
