𝐁𝐒𝐋 𝐋𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝟔𝟎𝐭𝐡 𝐀𝐧𝐧𝐢𝐯𝐞𝐫𝐬𝐚𝐫𝐲 𝐂𝐞𝐥𝐞𝐛𝐫𝐚𝐭𝐢𝐨𝐧

The Bank of Sierra Leone (BSL) has marked a significant milestone this year, by launching its 60th anniversary to mark the start of celebrations to commemorate the Bank of Sierra Leone.

The 60th anniversary celebration of the bank has a series of programmes, including football and sports activities, thanksgiving services at a mosque and church, a banquet, and a symposium.

The landmark celebration also marked the Bank of Sierra Leone’s journey and tremendous progress, which was established as an embodiment of the country’s monetary and economic independence from colonial rule.

Following the enactment of the relevant enabling legislation on March 27, 1963, the Bank of Sierra Leone began operations on August 4, 1964, according to the Deputy Governor of Monetary Stability at the bank, Dr Joseph A. Tucker.

Before 1964, according to Dr Tucker, the monetary affairs of Sierra Leone were managed by the West Africa Currency Board for British colonial West Africa which issued the British West African currency for all British colonies in the region.

But with the commencement of operations in 1964, the issuance of the new currency of Sierra Leone “The Leone” became a primary mandate of the new central bank – the Bank of Sierra Leone.

In 60 years, the Bank of Sierra Leone has adapted and evolved in the wake of internal and international dynamics and recreated itself to navigate the implications of continuously adjusting to the political and economic landscape and steadfastly committed to promoting economic stability, financial integrity, and sustainable economic growth.

Speaking at a landmark ceremony held at the BSL headquarters in Freetown on Monday, the Governor of the bank, Dr Ibrahim Stevens said over the past six decades the Bank has steadfastly upheld its core mandates, adapting to the evolving financial landscape with resilience and innovation.

Amid domestic and global challenges, Dr. Stevens said the Bank of Sierra Leone has demonstrated unwavering resilience and has strengthened its resolve to build a robust and dynamic financial system that serves the people of Sierra Leone effectively.

With the theme: “Repositioning the Bank of Sierra Leone to Better Deliver on its Mandate in an Evolving Domestic and Global Environment,” the Governor said the theme for the celebration had been carefully selected to ensure it aligns with the desire to commemorate the past and focus on the enchanting future which is froth with challenges.

“The theme encapsulated our resolve to reposition the bank to effectively navigate rapid advancements in technology and strengthen the financial sector as well as mitigate financial exclusion,” said Dr Stevens; adding thus, “Regardless of external shocks, our goal of achieving and maintaining price and financial stability remains uncompromised.”

He said the rise of cryptocurrency, digital currencies, artificial intelligence, and cybercrime presents both challenges and opportunities. He added that the Bank of Sierra Leone is committed to embracing these advancements while safeguarding the integrity and security of its financial system.

He reiterated that their primary objectives include issuing and managing the nation’s currency; achieving and maintaining price stability; fostering a sound financial system; and supporting the government’s economic policy. These goals he said are intricately linked to the country’s national aspirations for a stable, inclusive, and resilient economy for all.

“Achieving price and financial stability remains our foremost priority. The recent decline in inflation, from a peak of 54.59% in October 2023 to 35.84% in May 2024, underscores our efforts to stabilise the economy.”

“This downward trend in inflation is projected by the Bank to be sustained, while there are upward risks to the projections, including higher global energy and food prices,” he said. “Recently, monetary policy has been consistently tightened to contain inflationary pressures. This stance has been adopted in compliment with other reforms, including permitting lending in other currencies and allowing transactions in currencies other than the Leone on a case-by-case basis.”

He said, “The observed stability of the Leone is a key outcome of our commitment to credible policies to anchor inflationary expectations in spite of the externally generated challenges.”