BSL meets MPs on Committee of Finance & Development

Technical personnel and Directors of the Bank of Sierra Leone yesterday met with members of the Parliamentary Committee on Finance and Development at the Sam Bangura Building Conference Room Gloucester Street to discuss issues of economic growth and stability.
The conference was geared towards highlighting the progressive steps the Bank has taken to ascertain proper economic structure, and discuss with MPs pertinent issues that would bring up solutions for the realization of an enviable economic growth in the Central Bank.
The Governor Bank of Sierra Leone Sheku S. Sesay spoke about the successes and pitfalls in his administration’s quest to enhance a stable and buoyant economy.
Highlighting development made in the macroeconomic sector, the Governor noted that the Grand Domestic Product or GDP was supposed to grow by 5% in 2009 but considering the second effect of the financial and economic crisis, GDP growth was only 4% in 2009 of which there is optimism that it will increase to 4.8% in 2010.
He registered the fact that after a long period of stability, the Leone depreciated about 25% in 2009 mostly as a result of skeletal inflow of exports and remittances due to the global economic downturn.
He further noted with concern that in the first nine months of 2009 inflation was contained at a single digit, complemented by the depreciation of the Leone in the second half which saw an increase in the rate with the introduction of the GST in January 2010 .
However, he noted, considerable efforts are being made to contain the growth through open market operation and weekly foreign exchange auction adding that interest rates are currently determined by the market but the rates of the Treasury Bills and Bonds increased reasonably in 2010.
The Chairman of the Parliamentary Oversight Committee on Finance and Development Hon. Dr. Moses Sesay, and MPs raised a number of issues bordering on economic growth, stabilization of the Central Bank for safety and reliability and enhancement of the establishment of branches of Commercial Banks in District headquarter towns.
MPs commended the Governor’s team effort to ensure development and dependability in the Banking system and suggested that considering the autonomy of the Central Bank the Governor should ensure that more thorough supervision and regulation procedures should be instituted to encourage visible and enviable economic growth.
By Poindexter Sama