Sunday, September 03, 2006

Sierra Leone 'Ahead' of Some African Countries

The governor of the Bank of Sierra Leone, Mr.James D. Rogers says the country's economy is growing at a rate of 7%, which is above the 5.5 % average growth rate of most African countries in the sub-Saharan region.

He made the revelation during the launch of a new product of the Pan African mobile Company, Celtel, in the capital Freetown. The Bank Governor however said there was need for more investment so as to sustain the economic growth. According to him, the exchange rate in the country had been "stabilised". A dollar is now sold thirty thousand Leones. The demand for foreign currency is very great in the country where many of the transactions, including estate deals and in the aviation industry, are carried out in foreign currency, especially the dollar.

The bank governor pointed out, "Though the exchange rate has been stabilised, foreign currencies will never depreciate so as to give the people respite". He claimed that the country's foreign reserve had greatly grown in post-war period. "Three years ago, when I took over (as Bank Governor) , we had only $27 million, but now we can boast of $181million foreign reserve", he said. According to him, it had been a "big achievement". (read more)