Most Central Bank governors are eased out. But Sierra Leone’s Dr Patrick Conteh left in a dramatic fashion – he was sacked.
Dr Conteh was appointed by the previous government. The new regime, under current President Julius Maada Bio, in power only since March,was eager to establish its authority on monetary policy, regardless of any issues with respect to Central, Bank independence.
However, out correspondent writes that the firing of Patrick Conteh as Sierra Leone’s Central Bank Governor is not what Sierra Leone needs to boost its economy. Rather, what Sierra Leone needs is reforming the broad sector of both monetary and fiscal policy.
For instance, revenue form mining metals should be consolidated in regulated mining companies away form the informal sector of men on shovels and hays in open fields.