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One of the wise sayings I learnt from the late Siaka Stevens of Blessed Memory while serving as the first Press Officer at State House when Sierra Leone became a Republic in April 1971, from 8th August, 1971 to August 1974, was “If the Greatest of us were to perish today, the great mundane world would go on”.
Mr. Central Bank Governor, what is the latest on the proposal to change the country’s currency”
Governor of Central Bank (Bank of Sierra Leone) Dr. Kelfala Kallon three months ago, around August 11, 2021, announced the Central Bank’s intention to remove three zeroes (Le.000) from the Leones in a scheme that would entail a denomination and the printing of new Currency which he called “NEW LEONE”.
He added that “by Law” the Central Bank has to give the public three months, or 90 (Ninety) days notice with regards the introduction of the New currency. In that light Professor Kallon has asked that the old currency be made available within the three month’s notice.
He made this disclosure at a press briefing Wednesday afternoon August 11, 2021 at the Bank of Sierra Leone Complex, Kingtom.
“When I took up office (in President Julius Maada Bio’s Administration after the March 2018 Presidential & Parliamentary Elections) one of the things I had in mind was to re-denominate, but I could not have achieved that at the time when there was rampant inflation in the Country. and fiscal indiscipline, and I had to put all of those things in check before I believe that the time was ripe for me to do so,” the Bank Governor disclosed.
Explaining his reason for de-nomination, he said “I charter aeroplane to bring the Leones home, but most times it disappears within the shortest possible time, and we do not know what happens to it. We certainly cannot continue with this, so those who know that they have kept the Leones should bring it,” he said,
The Bank Governor argued that the Country spends too much money in printing the country’s currency because of what he described as over-sized, disclosing that the size of the New Leone” will be smaller and will be in conformity with international standards.
He added the country’s currency is too big for transaction purposes. “People find it difficult to carry the current Leone in their wallet. However, in a bid to prevent people from getting confused, the colour and design will be the same,” he said.
Professor Kallon stated that the “New Leones” will have the same value as the current Leones.
Although we are mourning the death of the victims of the Wellington fire disaster oil tanker explosion, as a Senior Citizen, I would like to know the current status of the proposal to change the country’s currency as business must go on, considering the fact that “by Law” the Central Bank has to give the public three months, or 90 (Ninety) days notice with regards the introduction of the New currency.”
