The Bank of Sierra Leone (BSL) yesterday Monday 24th June, 2024 officially launched its Strategic Plan 2024-28 at the Mezzanine Floor, Main Bank Building, Siaka Stevens Street in Freetown.

In his keynote address prior to launching of the bank’s Strategic Plan 2024-28, the Governor of Bank of Sierra Leone (BSL), Dr. Ibrahim Stevens, said the day marked a significant milestone in the journey to reposition the bank as they launch their Strategic Plan. The Bank Governor said the strategic plan represents their unwavering commitment to achieving price stability and a testament to their dedication to the economic prosperity of Sierra Leone.

Giving a brief overview of the exercise itself, Dr. Ibrahim Stevens disclosed that they engaged extensively to develop the Strategic Plan 2024-28 within and outside the bank.

Within the bank, the Bank Governor disclosed that they went across all the departments, interviewed staff, sought their views and also interpreted those views in context of certain objectives that they have, adding that they also consulted broadly outside the bank with other key stakeholders including commercial banks, the International Monetary Fund (IMF), the World Bank, microfinance institutions amongst others.

Dr. Stevens expressed his heartfelt gratitude to members of the Board, Management and Staff of the bank for their contributions to the development of the strategic plan, while he paid tribute to the exceptional efforts of members of the core team that did the strategic plan instead of bringing in a consultant, adding that their dedication and expertise have been instrumental in shaping the vision that will serve the institution and the nation for the next five years and probably beyond.

The Bank Governor assured that the bank remains steadfast in its resolve to deliver its statutory mandate in particular price stability and financial system stability, and as a regulator of all financial institutions in Sierra Leone. “Together, let’s move forward with the determination and unity required; the commitment that is also necessary to deliver on our mandate for the good of Sierra Leone,” Dr. Stevens appealed.

The Strategic Objectives of BSL are to reduce the use of cash in the economy through digital payment systems; enhance monetary policy implementation with more tools to ensure price stability and effective policy transmission; boost the resilience of banks and other financial institutions with enhanced supervisory regulations, guidelines, and enforcement measures; ensure banks are robust, sound and adequately capitalized; promote financial inclusion and introduce Islamic banking and finance; improve data quality and availability using advanced tools to enhance economic and financial analyses; and, promote strategic human resources management and cultivate a culture of excellence and professionalism within the workforce to achieve operational efficiency.

The Bank’s strategy includes strengthening payment systems infrastructure; building a resilient financial system; monetary policy; financial inclusion; applied research and analyses; and, operational efficiency respectively.