Corruption Responsible For Hike In Exchange Rate -Says Bank Governor

 

By Aruna Rashed Toma Bangura

The Governor of Bank of Sierra Leone, Prof Kelfala Muana Kallon has in a recent interview blamed the hike in the exchange rate in the country on corruption.

According to the Bank Governor, the Bank is putting measures in place to steady the exchange rate with a uniform price and to also implement a policy that will discourage the buying and selling of the United States Dollar in the black market.

He averred that corruption affects the economy and that the issue of black market must be discouraged for the country to get more foreign currency. Prof Kallon asserted that when a country exports less, it becomes difficult to manage its economy tariff, adding that to manage our tariff rate we need to export more cocoa and coffee.

The Bank Governor also observed that the country has concentrated more on the urban areas and refused to make feeder roads in agriculturally viable areas where agricultural produce comes from.

Prof. Muana said the country has one of the most liberalized economies in the world but lamented that it is rife with corruption, noting that a country would have a liberalized economy but with corruption, it would lead to nowhere.

He however expressed the need to increase the country’s national savings. Dollarization, he said, is an issue and that since his appointment as Bank Governor he has never signed any contract in foreign currency.