The Bank of Sierra Leone (BSL) yesterday Tuesday 9th May, 2023 held its 1st Annual Conference at the BSL Staff Recreational Complex, Kingtom in Freetown with the Theme: “Monetary Policy and Inflation in Sierra Leone.”

In his introductory remarks, the Director of Research and Statistics Department of BSL, Dr. Robert Dauda Korsu, said the conference was aimed at bringing together the staff of Central Bank, researchers and other stakeholders that contribute to policy making, designs and implementation in the country and other institutions that are interested in micro-economic management. The Director emphasized that the conference was for the public good.

In his statement, the Deputy Bank Governor (Financial Stability), Mr. Sheik A.Y. Sesay, disclosed that as part of its reforms, the Central Bank in 2022 structured the Research Department into two Departments - the Monetary Policy Department and Research and Statistics Department respectively.

The Deputy Bank Governor averred that price stability is a core mandate for monetary policy in modern Central Banks, adding that the BSL is committed to maintaining price stability and financial stability. He noted that these two elements interact with other fundamentals to achieve sustainable economic growth.

In his brief speech, the Ag Bank Governor, Dr. Ibrahim L. Stevens, said he was delighted at delivering a maiden statement at the 1st Annual Conference, noting that the programme was initiated and organized by the Research and Statistics Department and it was the first in the ECOWAS sub region.

The Ag Bank Governor furthered that the theme for the conference was very timely and relevant, adding that inflation has affected countries globally including Sierra Leone which he said has had adverse implications on the growth of the economy caused by the twin crises - COIVID-19 and the Russia war on Ukraine.

Dr. Stevens however disclosed that in fulfillment of its objectives of price stability, the Central Bank has continued to tighten its stance on monetary policy and increasing monetary policy rate and will continue to tighten monetary policy to bring inflation down.

The Ag Bank Governor concluded by launching the following research publications of the BSL: Policy Brief, Handbook, Working Paper Series, Special Research Bulletin, Micro-economic and Financial Statistics, Annual Micro-economic and Statistics, and Economic Review respectively. He noted that the aforesaid research outputs are key for policy making and implementation.