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The Bank Governor of Sierra Leone, Professor Kelfala M. Kallon, has come under serious criticism for his lack of fiscal policies and his failure to monitor the financial sector that has led to local currency shortage in the country.
During his latest radio interview on the Good Morning Show on Radio Democracy, the Bank Governor admitted that the shortage of cash in banks was beyond their control and there is nothing they could do at the moment.
His comment sent a wave of shock in the financial sector as already, customers cannot withdraw above Le2,500,000 per transaction.
Throughout the festive period, business people were constrained to carry on their activities which many described as unfortunate and a tendency to undermine the financial sector.
Going further, he said that the shipment of cash is expected only in mid-January as the outbreak of Corona Virus has led to serious pressure in places where currencies are printed.
He said that even the Central Bank of Nigeria that used to print their currencies are experiencing shortages and they had to order their money.
Since he was appointed, Professor Kallon has introduced a series of policies including auctioning of US dollar currency to commercial banks to stabilize the depreciating Leone to the dollar. But that has not stopped the dollar from bullying Leone.
Some time ago, the Central Bank through a notice prohibited the public from possessing certain amount of United States dollars at home and also banned dollar boys from trading in the open.
However, a recent notice from the Central Bank has relaxed some restrictions while permitting the public to possess up to Ten Thousand United States dollars to encourage them to release the Leone currency in the market.
Most of his policies have turned out to be not applicable which has led civil societies and the media to question his capability to serve as Bank Governor.
Before his appointment, Professor Kallon assured the nation that he has what it takes to curb financial speculation in the country but after serving as Bank Governor for some time, some are now calling him as ‘textbook economist’ and someone with little idea on how to run the financial sector in the country.
News 24 publication.
05/01/2020.
