| From Awareness Times Newspaper in
Freetown Local News
The
Governor of the Bank of Sierra Leone Dr. Sheku Sessay has advanced
several reasons that have contributed to the deplorable economic and
financial conditions of the African continent.At a dinner held over the
weekend in honour of the visiting African finance gurus at the Bank
Complex in Freetown, Dr. Sessay stated that the global economic and
financial crisis has posed several challenges to the operations of the
Central Banks in particular, with regards to their support to the
stability of Sierra Leone’s economy. "My colleague Governors would agree with me that monetary policy easing is today the most appropriate policy instrument in the near term, in tandem with active use of fiscal policy. This crisis has also provided an opportunity to review the adequacy of our regulatory and supervisory system," he said, adding that: "Sierra Leone has and will continue to welcome the measures by the International Monetary Fund (IMF), the World Bank and the African Development Bank to variously increase the level of access to lending instruments, frontload of disbursements and inject liquidity". He craved the indulgence of colleagues that the second round effect of the global financial crisis and the global economic downturn could no longer support a tighter monetary policy stance. "Fortunately the global prices of fuel and food receded substantially, thus alleviating price related shocks," he explained whilst imploring Ministers and colleague Governors that meeting of the Financial Plight of Africa must be properly addressed as it is a matter of relative concern. With high hopes that his views would be respected and addressed promptly, he wished them all an assumptions "Bone appetite". © Copyright 2005, Freetown, Sierra Leone. |
