Charting Fiscal Progress: 25 Essential Questions on the SLPP’s 2018 Manifesto Initiatives for Strengthening the Financial Sector
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By the Sierra Leone Live Team
As we embark on this review of the Sierra Leone People’s Party (SLPP’s) 2018 manifesto goals and its subsequent actions, we focus our attention on two key areas: Developing the Financial Sector and Deepening Financial Inclusion. These are pivotal in fostering robust economic growth, reducing economic disparity, and improving the lives of Sierra Leoneans.
To enable you, our dear citizens, to evaluate the accomplishments of the government in meeting its outlined goals, we have assembled a set of 25 key questions. These inquiries, specifically designed to focus on the manifesto’s main objectives, will allow you to reflect on the last five years, assess the progress, and form your own conclusion about how well the promises have been met. These are all “Yes” or “No” questions, simplifying your task of gauging whether the promises made in 2018 were fulfilled.
Capacitating Bank of Sierra Leone
Manifesto quote: “Strengthen regulation and supervisory role of the Central Bank in terms of staff competency, systems, technology”
- Was the regulatory and supervisory role of the Central Bank strengthened?
- Were improvements made in the risk-based supervision of commercial banks?
- Was the current Banking Act reviewed?
- Was a framework developed for using remittances for development?
- Was the ICT infrastructure developed?
- Were the payment systems strengthened through improving information, Communications, and technology?
- Was a manpower development plan developed based on skill gaps analysis?
- Was a policy and regulation developed to allow commercial banks to lend in foreign currency?
Strengthening Commercial Banking
Manifesto quote: “Review policies and laws relating to commercial banking supervision to make them competitive and in line with international best practices”
- Were policies and laws relating to commercial banking supervision reviewed?
- Were government-owned commercial banks provided with support to make them competitive?
- Was the Association of Commercial Banks strengthened?
- Was a Code of Ethics developed for the banking industry?
Expanding Micro-Finance Opportunities to Potential Entrepreneurs
Manifesto quote: “Review policies and laws relating to micro-finance operations in Sierra Leone”
- Were policies and laws relating to micro-finance operations in Sierra Leone reviewed?
- Were Micro-Finance Institutions strengthened to lend to SMEs and agriculture?
- Was a credit guarantee scheme designed and implemented?
Re-establish Development Bank and Strengthen Commercial Banking
Manifesto quote: “Re-establish National Development Bank with private sector participation”
- Was the National Development Bank re-established with private-sector participation?
- Were community banks delinked from the central bank and linked with the Development Bank?
Strengthen Non-Bank Financial Institutions
Manifesto quote: “Conduct a comprehensive institutional review of NASSIT”
- Was a comprehensive institutional review of NASSIT conducted?
- Was the NASSIT Act reviewed?
- Was a framework developed for regulation and supervision of the investment arm of NASSIT?
- Was the Insurance Act 2000 reviewed?
- Were the Sierra Leone Insurance Commission (SLICOM) and Sierra Leone Insurance Association (SLIA) strengthened?
- Were policies and procedures developed for issuing long-term government debt?
Improving Training
Manifesto quote: “Revise curriculum for banking training in line with international standards”
- Was the curriculum for banking training revised in line with international standards?
- Was a national school of banking and finance established?
We are immensely grateful to you for your time and participation in answering these questions. Your commitment to remain informed and engaged in the governance process is a testament to the vibrant, democratic spirit of Sierra Leone. Your contributions and insights help to keep our government accountable and in ensuring our nation continues to grow and prosper. Thank you for your involvement and for playing a vital role in the continuous development of Sierra Leone.
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