A reliable source within government has told this press that former Bank Governor, Professor Kelfalla Kallon is not sacked, but absconds from the office. He went awol while attending a conference out of the country. Like other former government officials, Prof Kallon ran away to keep his head above waters. It has been alleged that huge funds have been siphoned off from the state coffers for which the runaway Bank Governor would have to answer questions.
International news agencies who share their findings with this press indicate that President Julius Maada Bio and his wife have made persistent withdrawals from the vault without justification. Bio has made the highest number of travels, sometimes with bloated delegations, than any other President in post-war Sierra Leone. The famous journey since he came to power in 2018 was the trip to Lebanon where he spent close to three weeks. The trip was alarming as the President left at the height of Covid-19. It became so frustrating when the First Lady posted on Facebook page: “honeymoon activated.”
They departed just months after they tied the knot. Every travel made by President Bio is a blow to the state purse. Bio himself said in a media interview that his travels either official or not were taken care of by state money. “Whenever I travel, I spend state money,” he admitted.
A great many Sierra Leoneans and international agencies were appalled and shocked by the President’s travels as it brings less benefit to the country. President Bio who could not quantify his travels is, on several times, reported to have surfaced at occasions in some African countries where he is not invited. Sometimes, he would be a cold shoulder. It happened in the African country of Rwanda where it was reported that an aide to the Rwandan President Received Bio.
A similar situation also took place at an event in Kenya during presidential swearing-in ceremony. It was reported that President Bio appeared at the ceremony without official invitation. His name is never on the list of invitees implying that Bio forced his way. The first Lady, Fatima Bio is also similarly accused of traveling to several countries in the world, a move that also strained the public funds. On the death of the British Queen last year, First Lady, Fatima Bio reportedly attended the ceremony without invitation.
Some government officials said it was the Sierra Leone’s High Commissioner to the UK that should be at the funeral. Mrs Bio’s trip to the UN conference in New York also left many questions than answers. It was also argued that it was President Bio himself that should attend the conference and not his wife. If the President is indisposed, It is either the Vice President or the Foreign Affairs Minister that should travel to the UN and not the First Lady.
Besides, Sierra Leone has an Ambassador to the US and a Permanent Representatives to the UN. This official can still attend if all those afore-mentioned could not make it to the conference. These trips took away fabulous sums of money in Leones and foreign currencies. Owing to the frequency of the first couple’s travels, the Bank Governor was forced to withdraw money from the bank.
He now fears corruption trial if the regime change strategy became a reality four months’ time. Professor Kallon’s move has generated several debates in many quaters. Many see the move as ridiculous and bizzare since he is the first Bank Governor to have embarked on such action. Absconding from home Sierra Leone while in Europe is known among young footballers who hail from humble homes.
It is unheard for even a sponsored student let a lone a senior government official to go at large in Europe. Others however say it is the right decision the Bank Governor could take. It is better for him to leave earlier than to be trapped when power changes hands. For many Sierra Leoneans, the Bank Governor’s action comes very late. It comes at a time when much damage has been done to the country’s economy.
Inflation is at an all-time high, unfavourable terms of trade, trade and budget deficits among others continue to characterise the country’s economy. Prof Kallon is on record to have come up with the most unpopular economic policies which many believe has wrecked the state. In July, 2022, the Bank Governor announced a redenomination of the Leones, a move whose attention was not clearly explained.
The re-denomination which was widely seen as a devaluation of the country’s money was to reduce the many zeroes, according the Bank Governor. Since any government policy aims at achieving a goal, many expected that the re-denomination was to add value to the country’s currency so that it could normalise the exchange rate. Sierra Leoneans’ dreams and expectations turned into terrible nightmares when the exchange rate soared to a record high.
NLe2, 100 or Le2.1m (two million, one hundred thousand Leones) currently chases a US$100. It is worse for other such currencies as the Euros and the British pounds. With such poor exchange rate, the Bank Governor found it difficult to curb the sky-rocketing inflation that has taken root in Sierra Leone these days. Prices of goods and services have hit a record high thus affecting living standards.
Money is not a store of value in inflationary period, and talk less of its purchasing power. In such a situation, the poor or the have-nots are at the wrong end. Survival for the down-trodden is about seeing tomorrow except a miracle is worked out. The period of the dollar shortage started two years back when the Bank Governor announced new restrictions on the dollar trade.
He banned trading of the dollar in the streets, a move that resulted into hoarding (black market). A dollar dealer in Freetown, Osman Kamara told Nightwatch that owing to the ban, huge amounts of dollars were in the black market, but less in the central Bank.
“The restriction has badly affected government. They should reverse the decision if sanity is to prevail in the exchange market,” Kamara told this press. It came to pass as Prof Kallon reversed his decision, but was too late. The closure of mining companies and the shutting down of businesses also went a long way in creating the shortage.
Owing to the current circumstances, it goes without saying that Prof Kallon createdthe ugly economic situation, and now fears what he had created. His ultimate choice is to runaway, but hopes and prayers that would come back one day to give account of his stewardship to the people of Sierra Leone remains high. No matter where he goes, the long arm of the law will reach him.