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The Governor of Bank of Sierra Leone (BSL), Dr. Ibrahim Lahai Stevens, on Monday 22nd July, 2024 officially launched the 60th Anniversary celebrations of the Bank at the Mezzanine Floor, Main Bank Building on Siaka Stevens Street in Freetown, which was witnessed by erstwhile Bank Governors, Heads of Department, senior officials and the current distinguished Board, Management and Staff of the Bank amidst camaraderie. In his welcome address, the Deputy Governor of Monetary Stabilization, Dr. Joseph A. Tucker, who chaired the occasion, welcomed distinguished guests to the occasion marking the start of celebrations commemorating the 60th year in existence of the Bank of Sierra Leone (BSL) and gave a brief background of the bank.

According to Dr. Joseph A. Tucker, the Bank of Sierra Leone was conceived and established as an embodiment of our country’s monetary and economic independence from colonial rule, adding that on the enactment of the relevant enabling legislation on March 27, 1963, the Bank of Sierra Leone began operations on 4th August, 1964 respectively.

He furthered that prior to 1964, the monetary affairs of Sierra Leone were managed by the West Africa Currency Board for British Colonial West Africa that issued the British West African currency to all British colonies in the region, noting that with the commencement of operations in 1964, the issuance of the new currency of Sierra Leone “the Leone” became a primary mandate of the new Central Bank, the Bank of Sierra Leone.

Dr. Joseph Tucker said over the last sixty years, the Bank of Sierra Leone has adapted and evolved in the wake of internal and international dynamics, noting that the bank has played a pivotal role in tackling the economic challenges of our times, steadfastly committed to promoting economic, financial integrity and sustainable economic growth for the benefit of all Sierra Leoneans.

According to the Deputy Bank Governor, “The Bank has had to contend with a myriad of domestic and external shocks. From the economic emergencies of the late 1970s to the episodes of skyrocketing triple-digit inflation in the mid-1980s, to the civil conflict and the military interregnum of the 1990s, to the Global financial and economic crises of the late 2000s and more recently, COVID-19 and the fallout from geopolitical tensions and its attendant supply chain disruptions and global oil price hikes. In all of these, the Bank responded appropriately to mitigate the adverse impacts on the economy and the people of Sierra Leone.”

He commended former workers of the Bank saying “throughout these years you have interacted with the Bank of Sierra Leone as critical stakeholders to ensure that its mandate is fulfilled. Thus, in the program outlined to commemorate this milestone, we celebrate not only the successes or accomplishments of the Bank, we celebrate you …all our stakeholders – from the current staff of the Bank to our retirees, form our current to former Board Members, from current top past Governors and Deputies and from all past to present stakeholders in the financial sector, in Government and in the development partnership community.”

Dr. Tucker emphasized that they all joined forces with the Bank in diverse ways to attain its goals and objectives. “We are celebrating you all because you made today possible. As we activate the celebratory mode today, I hope the events of the next several days will strengthen our commitment to the core values of the Bank and our resolves to confront the even-evolving financial sector, with innovation and best practice,” the Deputy Bank Governor said.

In his keynote address, the Governor of Bank of Sierra Leone, Dr. Ibrahim Lahai Stevens, dilated on the Bank’s commitment to adapting to the rapidly changing financial landscape and emphasized the Bank’s resolve to harness advancements in technology, tackle financial exclusion and maintain economic stability despite external shocks including the rise of crypto currency, digital currencies, artificial intelligence and cybercrime.

Under this year’s theme “Repositioning the Bank of Sierra Leone to Better Deliver on its mandate in an Evolving Domestic and Global Environment,” Dr. Ibrahim L. Stevens said over the last sixty years, the Bank had steadfastly upheld its core mandate with resilience and innovation, noting that despite navigating through and still continuing to excel, there are still herculean challenges ranging from the Ebola epidemic, COVID-19 pandemic to the ongoing geopolitical tensions around the globe, which, according to him, have adverse effects on the economy and commodity prices.

Dr. Stevens emphasized that that the Bank of Sierra Leone plays a crucial role in the development of the financial sector in Sierra Leone and that the expansion of digital financial services, particularly mobile money, has significantly improved financial inclusion in the country, adding that there are over eight million mobile money accounts and this has witnessed the transformative shift towards digitization in the financial sector.

Other speakers included the former Head of Department, Mrs. Olive Nat-Wellington, who represented Pensioners, Mr. Melvin G. Tucker, who represented former Governors of the Bank and started working at the Bank from the day of its inception in 1964, the Acting Minister of Finance, Mr. Bockarie Kalokoh, Deputy Governor, Financial Stability, Mr. Sheikh Yayah Sesay, amongst others.