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The Bank of Sierra Leone have indicated their intention to institute strict measures against recurrence of inflation.
Sierra Leone recorded rising inflation and dwindling in value of its local currency in 2022. Authorities attributed the shocks to the protracted effect of the war in Ukraine and an after effect of the COVID-19 pandemic.
But the West African nation has been performing well than the last three months of 2022 with the Leones performing better.
The Acting Bank Governor, Ibrahim Stevens promised to implement measures that will contain inflation while upgrading government reserve safeguards.
“We are committed to implementing macroeconomic policies that will help contain inflation and depreciation pressures, prevent crowding out of private credit, and strengthen debt sustainability,” Stevens said.
Sierra Leone’s Central Bank have plans to restrict foreign exchange (FX) intervention according to limits set by the gross international reserves (GIR) directives. The plan, if instituted well, could see the country manage their foreign exchange reserve better.
The local population was hopeful when the Central Bank embarked on the redenomination of the Leones about a year ago. They believe slashing the “zeros of shame” will discourage hoarding which they suspected and further help the ailing economy at the time.
Acting Bank Governor Stevens directed the Bank to prepare an internal audit. The audit will report on the status and assessment of the redenomination to Parliament.
Perhaps, this initiative will help fight the inflation in the country.
I pray that it works well.
The Bank Governor might have good ideas to control inflation in the country but Maada Bio will just wake up one day and order the Bank Governor to remove all the foreign currencies and send them to him. What can you do in that case?
The next day Fatima Bio will get into her vehicle, go to the bank and ask the Governor to fill her bag with all the foreign currencies available. What else will you do?
Don’t you think the former Bank Governor ran away because of such unchecked behavior? In any case the ACC Boss will go on radio the next morning and say. “Yes they have rights to do it. ”
Again, In this country in case the Auditor General ask Maada Bio and his wife to explain their actions; what do you think will happen to the Auditor General?
Or for heaven sake, if the Bank Governor refuses to provide the requested amount; what do you think will happen to him? You know the answers.
So please don’t talk too much about controlling the PAOPA killer government ‘s inflation . I hope you are getting me clear
God Shave Sierra Leone. !!