The Governor of the Bank of Sierra Leone, Professor Kelfala Morana Kallon, has said in Freetown that some officials of the Bank of Sierra Leone are conniving and aiding the illegal deal in foreign currency.
The Bank Governor has accused the officials of refusing to deal and cooperate with customers who genuinely visit the bank to transact in foreign currency. He noted that officials at the Bank always serve as conduits between genuine customers and those dealing in the illegal trade.
Professor Kallon was speaking on a number of issues that are currently challenging the economy, such as the dollarization, illegal sale of foreign currency, money laundering and corruption, amongst others.
On the issue of dollarization, the Governor noted that there is too much use of foreign currency in the transaction of non trade goods in the country, which makes way for the eventual depreciation of the leone against the dollar. Government, according to him, should enforce the law against illegal trade in foreign currency in front of the Central Bank. Chasing the individuals who trade in the black market will in no way solve the problem.
He noted that individuals, who want to trade in foreign currency, should register with the Bank of Sierra Leone, provide their business addresses as well as return on their daily transactions. The non adherence to these principles largely aids the money laundering trade, which is now a global concern.
He also spoke on the issue of corruption, noting that people in high places and other ordinary Sierra Leoneans are engaged in actions which result in the government losing billions of leones on a daily basis.
This, according to him, continues to create a budget deficit which remains crucial in stabilizing the economy and the exchange rate.
The Economist clearly stated that it will be difficult to stabilize the economy. He noted that he has presented a number of recommendations to government which, he hopes, will be looked into in the not too distant future.
The Bank Governor stated that, for the past 35 years, he has been a teacher and hence he is now finding time to learn a lot of things with regard managing the monetary aspect of the economy.
The Bank of Sierra Leone has continued to trade in foreign currency to members of the public as a way of stabilizing the plummeting exchange rate in the country. Sierra Leone is constrained in terms of stabilizing the exchange rate due to the closure of most of the mining companies in the country.
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