The Governor of Bank of Sierra Leone, Professor Kelfala Kallon, has informed the public that he was not placed on immediate leave but he requested for it.

He clarified that he was entitled to 42 working days of leave since his appointment, which he hardly took. He also mentioned that during his previous employment, he was entitled to four months of leave.

Prof. Kallon explained that his term would end in October and he wanted to take his leave before then. He stated that he had a substantial amount of leave and wished to rest, clear his mind, and return.

He further stated that the bank would continue to function, with the Deputy Governor in charge of monetary stability assuming the governor’s duties during his absence, as per the law.

“The bank goes on regardless whether I’m on leave or not. The law is very clear when a governor is away the deputy Governor Monetary stability is in charge of the bank,” Prof. Kallon stated.

Regarding the state of Sierra Leone’s economy, he noted that like many countries around the world, it was facing significant challenges due to the impact of the COVID-19 pandemic.

The Bank Governor emphasized that everyone was grappling with challenges, which had not been seen since the Great Depression.

He cautioned against comparing Sierra Leone’s economy with that of neighboring Guinea, as the situation was different. He drew an analogy, saying that one cannot compare a mango with an orange.

Prof. Kallon acknowledged that Sierra Leone faced a legacy problem due to the mining deals it had agreed to, particularly those involving the export of minerals with only a three percent royalty.

He confirmed that in 2022, Sierra Leone had exported nearly $900 million worth of minerals, but received only about $27 million. He stated that mining was the backbone of Sierra Leone’s economy, but the country was not receiving a fair share of the profits.