By Hassan Osman Kargbo
The Bank Governor of the Central Bank of Sierra Leone, Dr Ibrahim L. Stevens has on 24 June 2024 brought the bank’s 2024-2028 Strategic Plans to the attention of the public at a symbolic unveiling event hosted in Freetown.
During the ceremony the Bank Governor, Dr Ibrahim L. Stevens, noted that the launching marked a significant milestone in the history of the Central Bank, adding that the Plans represent the bank’s unwavering commitment in achieving price stability and also fostering robust resilient and inclusive financial sector.
Dr Stevens noted that it’s an economic roadmap with multifaceted challenges but that there are opportunities ahead. This, he mentioned, would ensure that their financial system remains a pillar of strength, and also said, that the central element of their strategic plan was the robustness of the Monetary of their implementation policy.
“It’s an economic roadmap with multifaceted challenges but there are opportunities ahead. This would ensure that their financial system remains a pillar of strength, and also, the central element of their strategic plan was the robustness of the Monetary of their implementation policy,” he said.
The Bank Governor said the vision embedded within this Strategic Plan is a testament to their dedication to the economic prosperity of Sierra Leone, adding that, the initiative was designed to enhance effectiveness and responsiveness of their Monetary Policy tools, which could be able to navigate the dynamic economic landscape in the country.
He furthered that, the promotion and deployment of sophisticated payment system infrastructure. This initiative, he noted is aimed at supporting the development of a modern future finance ecosystem, which is essential for the future growth of the country’s economy.
Dr Stevens reassured all of the bank’s commitment to improving financial inclusion system through innovative services such as Islamic banking, ensuring that all sectors of society have access to qualify for affordable financial services. He said the Strategic Plan also places a strong emphasis on the bank’s operational efficiency and risk management strategy.
“We are committed to improving financial inclusion system through innovative services such as Islamic banking, ensuring that all sectors of society have access to qualify and affordable financial services. The Strategic Plan also places a strong emphasis on the bank’s operation efficiency and risk management strategy,” he noted.
Making his statement during the ceremony, the Deputy Minister of Finance, Bockarie Kalorkoh, said that for every institution, it’s critical that a strategic plan is set, pointing out that the BSL has decided to do just that.
He continued that the bank’s key vision in terms of preserving monetary stability and praised the leadership of the Bank of Sierra Leone for stabilizing the exchange rate.
He said as a ministry, they are committed to supporting the BSL to ensure that the banking industry thrives as it’s supposed to in the country.
He called on the commercial banks that owe government to pay because without those funds the government will not run effectively.
“I am calling on the commercial banks that owe government to pay because without those funds the government will not run effectively,” he said.
On his part, the president of the Commercial Banks and Managing Director of Rokel Commercial Bank, Dr Ekudayor Wilton Gilpin, said all commercial banks in the country have strong relationship with the Central Bank of Sierra Leone. He said these commercial banks have key roles to play in terms of the growth of Gross Domestic Product (GDP) and also the financial investment and that they are fully aware that their core objectives which is to contribute strongly to the overall economic growth and to form part of the overall financially system.
