Bank of Sierra Leone Officials Face Disciplinary Action for Failing to Perform Duties

Transparency and Accountability Drive

Freetown, Sierra Leone - In a bid to ensure transparency and accountability within the Bank of Sierra Leone, officials have been warned that failure to perform their duties could result in serious disciplinary action.

Legal Framework

According to Section 2 (1) of the Bank of Sierra Leone Act 2019, members of the Board of Directors and employees are expected to perform their duties with diligence and integrity. Failure to do so could lead to removal from office or disciplinary action.

Key Provisions

• Transparency in Financial Reporting: Officials are required to provide regular updates on monetary policy decisions and achievements.
• Chief Internal Auditor: Section 23 of the Act establishes a Chief Internal Auditor who will conduct periodic audits of the bank’s administration and operations, review financial statements and related documents, and make recommendations to the Audit and Risk Committee and the Board.

Annual Reports and Audits

The Bank is required to submit annual reports and audited financial statements to Parliament, which will be reviewed by an independent external auditor. The Auditor-General will appoint the external auditor, who must be of good reputation and have recognized experience in auditing major international financial institutions.

Currency of Sierra Leone

Section 26 (1) of the Act confirms that the currency of Sierra Leone is the Leone, which shall continue to be issued in banknotes and coins. Prices for all transactions in Sierra Leone will be indicated in Leones, and any person or institution found to be using a different currency may face legal action.

Conclusion

The Bank of Sierra Leone has been working to strengthen its governance and risk management practices, and these measures are aimed at ensuring transparency and accountability within the organization.