The Bank of Sierra Leone Act, 2019 outlines key provisions regarding the continuation, objectives, functions, and administration of the Bank. Here are the summarized key points:
Interpretation and Application: The Act defines key terms and specifies its application to the operations of the Bank, its offices, agents, and financial institutions in Sierra Leone. It prevails over other Acts relating to banking in case of conflict.
Continuation of the Bank: The Act continues the existence of the Bank of Sierra Leone as a body corporate with perpetual succession, capable of acquiring, holding, and disposing of property. It is autonomous and accountable in its functions.
Objective and Functions: The objective of the Bank is to issue and manage Sierra Leone’s currency, maintain price stability, foster a stable financial system, and support the government’s economic policy. The Bank’s functions include formulating and implementing monetary policy, acting as a banker and fiscal agent for the government, regulating financial institutions, and conducting foreign exchange operations.
Administration: The Act establishes a Board of Directors consisting of the Governor (Chairman), Deputy Governors, and non-executive directors appointed by the President. Members must possess integrity and expertise in economics, finance, banking, accounting, or law. Certain eligibility criteria are outlined, and removal from office can occur under specified conditions.
Place of Business: The Bank’s principal place of business is in Freetown, with provisions for establishing branches, appointing agents, and establishing offices both within and outside Sierra Leone.
Overall, the Act provides a comprehensive framework for the functioning and governance of the Bank of Sierra Leone, ensuring its autonomy, accountability, and effectiveness in fulfilling its mandate.