The Bank of Sierra Leone is the central bank of Sierra Leone. It issues the country's currency, known as the Leone. The bank formulates and implements monetary policy, including foreign exchange.
Organisation and activities
The current governor of the Bank of Sierra Leone is Ibrahim Stevens, who was appointed by president Julius Maada Bio, and took office on the 16th November 2023 after he was approved by Parliament. The governor of the bank is appointed by the President of Sierra Leone for a term of five years.
The Bank Headquarters is at Siaka Stevens Street in the Central business district in Downtown Freetown.
The Bank is engaged in policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion (AFI). On 20 December 2012, the member institution announced specific commitments toward AFI's Maya Declaration to move further toward the eradication of financial exclusion in Sierra Leone.
Governors Gordon E. Hall, 1963–1966 Silvanus Nicol-Cole, 1966–1970 Samuel Lansana Bangura, 1970–1979 Arthur Salaco Christopher Johnson, 1979-1980-? Jim Fornah, 1981–1985 Victor Bruce, 1985–1986 Abdul Rahman Turay, 1987-1992-? Stephen Mustapha Swaray, 1993–1997 Christian Kargbo, 1997–1998 James Sanpha Koroma, 1998–2003 G. Melvin Tucker, acting, 2003 James David Rogers, 2003–2007 Samura Kamara, 2007–2009 Sheku Sambadeen Sesay, 2009–2014 Momodu Kargbo, 2014–2016 Kaifala Marah, 2016–2017 Patrick Saidu Conteh, 2017–2018 Kelfala M. Kallon, 2018- 2023 Dr. Ibrahim L. Stevens, 2023-
Directors Dr M.C.F. Easmon, medical doctor, historian, and a founder of the Sierra Leone National Museum, 1964-1968. Dr Claude Nelson-Williams, medical doctor, politician, and social crusader, 1964-1967. Dr Davidson Nicol, medical doctor, scientist, academic, and diplomat.
History
In order to create an independent economy for the new country, the government drafted legislation to create a central bank and a new currency. The enabling legislation was passed on 27 March 1963 and the bank began operations on 4 August 1964. At the same time, the Leone was introduced to replace the British West African pound, using a decimal system of currency.
See also
Sierra Leonean leone Sierra Leone Ministry of Finance Banking in Sierra Leone Economy of Sierra Leone List of banks in Sierra Leone List of central banks of Africa List of central banks
References
External links
Bank of Sierra Leone on the Sierra Leone Encyclopedia 2006