Newly approved Bank Governor of Sierra Leone, Sheku Sesay has been urged in Parliament to bolster the Sierra Leone Economy.
The new Bank Governor was Financial Secretary and was yesterday approved by Parliament to replace Dr. Samura Kamara who is now Finance Minister.
The seconder of the motion Hon. Siaffa J. Momoh told him that his enviable track record in the financial institutions was not enough considering the financial melt down threatening the economy as he called on him to be vigilant over the banks in the country.
Hon Phillip Tondoneh referred to the new Bank Governor as a key player in the financial institution but stressed his concern that when he was the Financial Secretary, the economy was in the bananas as there were failed markets as well as savings in the rural markets was absent. He continued to state that when the new Bank Governor was the Financial Secretary, there was corruption in the Parastatals and income leakages coupled with flagrant abuse of duty free waiver. He said he wondered what the Bank Governor and his team did to tackle that.
Hon Tondoneh also informed the Governor that he was moving from the fiscal to the monetary issues and should not succumb to pressures for financial instability. He also reminded him to be mindful of the proliferation of the Commercial Banks clustered in the Western Area and to re-introduce the Cooperative Banks as well as imploring him to change the culture of response, to say no to things that are not in the interest of the country.
Both Hon. Dr. Moses Sesay and Hon. Siaka Sama described the Bank Governor as a professional and a man of integrity needed for such post.
The Bank Governor had promised in his confirmation speech said he would continue with the financial reform program and implementation to enhance monetary and fiscal policy coordination. He also said he shall strive to develop capacity and modernize the operations of the Bank to ensure developmental initiatives.
Mr. Sesay also promised to monitor vigorously developments in the external sector as well as monitor movements in the foreign exchange and management of the country’s internal reserves “My challenge is to ensure the stability of the Leone and the existence of a sound and reliable banking system” By Ishmael Bayoh