• Facebook
  • Twitter
  • YouTube
ManoReporters.com
ADVERTISEMENT
  • Home
  • News
    • All
    • Business and Economy
    • Politics
    • Health
    • Sci-Tech
    • Regional
    • Culture
    Sierra Leone to receive additional 20, 000 doses of Mpox vaccine this weekend

    Sierra Leone to receive additional 20, 000 doses of Mpox vaccine this weekend

    Ghana's High Commissioner to Sierra Leone, Senalor K. Yawlui, PhD (middle in smock) with the Police Local Unit Commander at Kabala (Koinadugu District), Chief Supt. Ibrahim Barry. Image credit, Ghana High Commission to Sierra Leone.

    Sierra Leone: Ghana High Commissioner conducts familiarization tour in north-eastern region

    Tacugama is located in a forest reserve called the Western Area Peninsular National Park. Image, Hassan Kamara, manoReporters.

    Sierra Leone: Chimps sanctuary shut down over government inaction against encroachers

    How a GAVI funded project has helped boost vaccine coverage across Sierra Leone (VIDEO)

    How a GAVI funded project has helped boost vaccine coverage across Sierra Leone (VIDEO)

    Chief Justice Komba Kamanda. Image, Judiciary of Sierra Leone

    Sierra Leone: Accountability group worried over erosion of confidence in judicial system

    Dr Yap Boum, Deputy Head of the Africa CDC's IMST. Image, Screengrab, Kemo Cham, manoReporters

    Africa CDC ramps up support for Sierra Leone’s Mpox response

    Trending Tags

  • Special Reports
  • Opinion
  • Sports
  • True or False
  • Interview
  • ManoReporters TV
  • Tender and Job
  • Election 2023
No Result
View All Result
  • Home
  • News
    • All
    • Business and Economy
    • Politics
    • Health
    • Sci-Tech
    • Regional
    • Culture
    Sierra Leone to receive additional 20, 000 doses of Mpox vaccine this weekend

    Sierra Leone to receive additional 20, 000 doses of Mpox vaccine this weekend

    Ghana's High Commissioner to Sierra Leone, Senalor K. Yawlui, PhD (middle in smock) with the Police Local Unit Commander at Kabala (Koinadugu District), Chief Supt. Ibrahim Barry. Image credit, Ghana High Commission to Sierra Leone.

    Sierra Leone: Ghana High Commissioner conducts familiarization tour in north-eastern region

    Tacugama is located in a forest reserve called the Western Area Peninsular National Park. Image, Hassan Kamara, manoReporters.

    Sierra Leone: Chimps sanctuary shut down over government inaction against encroachers

    How a GAVI funded project has helped boost vaccine coverage across Sierra Leone (VIDEO)

    How a GAVI funded project has helped boost vaccine coverage across Sierra Leone (VIDEO)

    Chief Justice Komba Kamanda. Image, Judiciary of Sierra Leone

    Sierra Leone: Accountability group worried over erosion of confidence in judicial system

    Dr Yap Boum, Deputy Head of the Africa CDC's IMST. Image, Screengrab, Kemo Cham, manoReporters

    Africa CDC ramps up support for Sierra Leone’s Mpox response

    Trending Tags

  • Special Reports
  • Opinion
  • Sports
  • True or False
  • Interview
  • ManoReporters TV
  • Tender and Job
  • Election 2023
No Result
View All Result
ManoReporters.com
No Result
View All Result

The Interview: Currency Re-denomination: The unanswered questions and what Sierra Leone can learn from Ghana

Kemo Cham by Kemo Cham
June 30, 2022
in Interview
0
The Interview: Currency Re-denomination: The unanswered questions and what Sierra Leone can learn from Ghana

Abubakar Jalloh, CEO, SANUSI Research and Consulting

Share on FacebookShare on Twitter

On Friday, July 1st, a new set of currencies will be introduced in Sierra Leone. The New Leone, as the Bank of Sierra Leone (BSL) calls it, is part of the first re-denomination of the Sierra Leonean legal tender in over 50 years.

ADVERTISEMENT

To many Sierra Leoneans, the BSL has failed to provide answers to relevant questions for the decision to embark on this very controversial move.

ManoReporters spoke to Abubakar Jalloh, a researcher and Founder and Chief Executive Officer of the Sanusi Research and Consulting based in Freetown. Mr Jalloh gave his views on the reasons forwarded by the Bank and what he thinks were left out. He also draws some lessons for Sierra Leone from the experience of sister ECOWAS country, Ghana, which passed through a similar route about a decade ago.

Please read on:

ManoReporters: The reasons the Bank of Sierra Leone gave for the redenomination are mainly security and portability. In your view, are these good enough reasons for such a gigantic move?

Jalloh: Yes, I think they are good reasons. The Leone has lost the quality of security and portability due to its dramatic depreciation in value over the years. Imagine that you have to withdraw or deposit Le140 million (about $10,000) cash at your bank. Transporting the cash will not only be expensive but also risky. As Sierra Leone’s economy is largely a cash-based, businesses having to withdraw and deposit huge amount of cash every day bear considerable cost of transportation and run a high risk of robbery. However, the currency redenomination introduced by Bank of Sierra Leone is going to do very little to solve these problems. Despite the new Le20, a Le140 million will still be voluminous.

Do you think there is any benefit to the economy for this move? In other words, is redenomination of the leone really necessary? If no, why not? If yes, why?

I think benefits to the economy will be minimal primary because it is not going to add much quality of security and portability to the new Leone. To me the effects of this redenomination will be the same as printing Le20,000, which costs far less. I think redenomination is necessary if it benefits the economy in the form of security, portability, time saving, ease in software and accounting procedure. Therefore, I look forward to seeing BSL print banknotes with a face value such as Le50 and Le100, which could reduce volume significantly.

You did an analysis comparing the Ghana experience of the redenomination of its Cedi. What lesson is there for Sierra Leone to learn?

I think the lesson Sierra Leone should learn from Ghana is that currency redenomination is only beneficial when you print banknotes with a face value that reduces volume. After Ghana’s redenomination, the Cedi/US Dollar exchange rate stood at ¢1=$1. The most valuable banknote became ¢50 or $50. The other thing that Sierra Leone should learn from Ghana is that printing a new currency is not the only cost of currency redenomination. After fifteen years, some Ghanaians are still struggling to convert the old currency to the new one, including market women, partly due to low literacy rate.

What problems do you foresee until Sierra Leone gets back on its feet after the imminent chaos that the redenomination will cause in the economy?

I think many Sierra Leoneans will find it difficult to transact quickly with the new currency, something that might slow economic activities. People might spend more time in determining the prices of goods and services.

End

Tags: Sierra LeoneCurrency Re-denominationLeoneSanusi Research and Consulting
ADVERTISEMENT
Previous Post

Currency re-denomination: Government presses on despite public skepticism

Next Post

Pujehun: Teacher accused of raping pupil makes first court appearance

Kemo Cham

Kemo Cham

Next Post
Pujehun: Teacher accused of raping pupil makes first court appearance

Pujehun: Teacher accused of raping pupil makes first court appearance

Stay connected

  • Trending
  • Comments
  • Latest
State security forces man a checkpoint at an intersecition between State House and Siaka Steven Street in Freteown. Photo credit, Ishmail Kindama Dumbuya

Breaking: Sierra Leone gov’t says it ‘rebuffed’ attempted break into armory

November 26, 2023
Sarah Van Horne, Public Affairs Officer, US Embassy in Freetown. Photo credit, Courtesy.

Sierra Leone: US considering further actions after visa ban – Embassy spokeswoman

September 1, 2023
Anthrax Outbreak: Sierra Leone records first human cases

Anthrax Outbreak: Sierra Leone records first human cases

May 22, 2022
Former Guinea junta leader Moussa Dadis Camara and the two other close allies of his who are thought to have escaped from prison in Conakry on Saturday, November 4. Image by Guinea News.

Breaking! Guinea: Heavy gunfire reported in Kaloum, around central prison

November 4, 2023
Diabetes: The “Ticking Time Bomb” for Africa! Are we sitting on it?

Diabetes: The “Ticking Time Bomb” for Africa! Are we sitting on it?

0
Sierra Leonean on trial for war crimes in Liberia released

Sierra Leonean on trial for war crimes in Liberia released

0
Sierra Leone, France seek tighter cooperation

Sierra Leone, France seek tighter cooperation

0
Wellington Fire Disaster: Victims Benefit From Fullah Progressive Union Largesse

Wellington Fire Disaster: Victims Benefit From Fullah Progressive Union Largesse

0
Sierra Leone to receive additional 20, 000 doses of Mpox vaccine this weekend

Sierra Leone to receive additional 20, 000 doses of Mpox vaccine this weekend

May 30, 2025
Ghana's High Commissioner to Sierra Leone, Senalor K. Yawlui, PhD (middle in smock) with the Police Local Unit Commander at Kabala (Koinadugu District), Chief Supt. Ibrahim Barry. Image credit, Ghana High Commission to Sierra Leone.

Sierra Leone: Ghana High Commissioner conducts familiarization tour in north-eastern region

May 29, 2025
Tacugama is located in a forest reserve called the Western Area Peninsular National Park. Image, Hassan Kamara, manoReporters.

Sierra Leone: Chimps sanctuary shut down over government inaction against encroachers

May 26, 2025
How a GAVI funded project has helped boost vaccine coverage across Sierra Leone (VIDEO)

How a GAVI funded project has helped boost vaccine coverage across Sierra Leone (VIDEO)

May 25, 2025

Recent News

Sierra Leone to receive additional 20, 000 doses of Mpox vaccine this weekend

Sierra Leone to receive additional 20, 000 doses of Mpox vaccine this weekend

May 30, 2025
Ghana's High Commissioner to Sierra Leone, Senalor K. Yawlui, PhD (middle in smock) with the Police Local Unit Commander at Kabala (Koinadugu District), Chief Supt. Ibrahim Barry. Image credit, Ghana High Commission to Sierra Leone.

Sierra Leone: Ghana High Commissioner conducts familiarization tour in north-eastern region

May 29, 2025
Tacugama is located in a forest reserve called the Western Area Peninsular National Park. Image, Hassan Kamara, manoReporters.

Sierra Leone: Chimps sanctuary shut down over government inaction against encroachers

May 26, 2025
How a GAVI funded project has helped boost vaccine coverage across Sierra Leone (VIDEO)

How a GAVI funded project has helped boost vaccine coverage across Sierra Leone (VIDEO)

May 25, 2025
ADVERTISEMENT
Contact

info@manoreporters.com | Freetown, Sierra Leone

Contact

info@manoreporters.com | Freetown, Sierra Leone

© 2022 Powered by Manocommunication.com
No Result
View All Result
  • Home
  • News
    • Business and Economy
    • Politics
    • Health
    • Sci-Tech
      • Data
    • Regional
    • Culture
  • Special Reports
  • Opinion
  • Sports
  • True or False
  • Interview
  • ManoReporters TV
  • Tender and Job

© 2022 Powered by Manocommunication.com