The Sierra Leone Financial System

This book provides readers with wonderful and fascinating historical facts that have never been assembled into a single text. The book was written in perspective, to capture the attention of scholars and prospective investors. Facts have been corroborated and perceptions taken from real life-experiences in some of the institutions mentioned in the text. For those scholars aiming to gain knowledge of the financial system in Sierra Leone, the book leads them to major topics that should stimulate further studies. Indeed, readers will be left with the wish of researching more. Some of the topics might appear short lived, especially with the fast evolving financial situation. Considering the structure, the book sets for scholars, an ad-hoc platform for discussion that could give rise to significant political and economic analysis. A brief synopsis of the book follows. The Bank of Sierra Leone was established to serve as an agency that would build up a reputation for the highest standards of management and integrity. In this instance, it aims at formulating and implementing monetary and supervisory policies to foster a sound financial environment. The business of commercial banking has evolved rapidly in recent years, as banks have confronted volatile economic conditions and revised regulations. New methods and the evolution of new banks may have some influence on how these activities are expedited but the business of banking is unchanged. The facts on other financial institutions are directed to the integration of the unorganized with the organized sector. It was possible to integrate the two sectors in banking institutions specializing in the requirements of the rural areas. Such institutions combine the provision of credits with marketing and provide ancillary services so as to ensure that credits made available, increase the productive capacity of the recipients. Government financial management in Sierra Leone provides collective goods and services that correspond to the performance of its traditional functions and at the same time promote growth and development, stability, equitable distribution of income and wealth. Its objectives are often interwoven with other economic sectors in the country. These are subject to further studies and interpretation. They become meaningful only when specific contents are translated into policies. Though the repercussions of the decade long rebel war on the financial structure have not been specifically mentioned in the book, the toll was devastating. However, the government has established a unique track record for a post-conflict country.