Dr J. D. Rogers - Bank of Sierra Leone

KEYNOTE ADDRESSBYDR. J. D. ROGERSGOVERNOR,BANK OF SIERRA LEONEON THE OCCASION OF THEOPENING OFTHE PUJEHUN BRANCH OF THEROKEL COMMERCIAL BANKSIERRA LEONE LIMITEDONSATURDAY 30TH APRIL 2005

Mr. ChairmanParamount ChiefsChairman and Councillors of the Pujehun District CouncilThe Chiefdom Speaker and EldersDistinguished Ladies and GentlemenI am extremely delighted to present the Keynote address on thisoccasion, which marks another milestone in the post war developmentof the region, and the country at large. Let me hasten to say that oneof the areas of the economy, which has had remarkable achievementafter the war, is the Banking industry, of which the Rokel CommercialBank is a major player.The Rokel Commercial Bank is one of the fastest growing banks in SierraLeone. It has continued to provide a wide variety of financial services tothe people of Sierra Leone over the years. The bank has developedmany financial products available to its customers, such as AutomatedTeller Machines (ATM), On-line banking, Money gram and Internetbanking.Currently the bank has eight (8) branches in five strategic areas in SierraLeone (Freetown – 4, Bo – 1, Kenema – 1, Kono – 1 and Moyamba – 1)and is today opening a branch here in Pujehun, a high potentialeconomic district in the country.

Distinguished GuestsAs our economy continues to grow it must be accompanied by growth ofthe financial sector. The financial sector must be deepened andenriched to provide access to short, medium and long-term finances tothe citizens of our country.This can best be achieved through diversification of the industry. Thebanking industry in Sierra Leone has been growing steadily in terms ofnumber of banks and total assets.There are at present seven (7) commercial banks, with twenty-seven(27) branches all over the country. The Bank of Sierra Leone hasfacilitated the establishment of community banks in Lunsar, Mile 91,Mattru Jong and Segbwema, while two are being established in Zimmiand Kabala. Banks have a very crucial role to play in the reconstructionand economic development of our country and for this reason, the Bankof Sierra Leone desires that all areas in our country enjoy bankingservices that meet international standards.We therefore applaud the efforts of the Rokel Commercial Bank forpromoting this goal and encourage others to venture deep into theprovinces to mobilize huge idle savings, provide credit and stimulategrowth in all the regions of the country.Distinguished Ladies and Gentlemen3

Pujehun and its environs have been for many years well-known forAgricultural products such as Cacao, Palm products, Cassava and Ricewhich generate income for our people. There are also vibrant tradingactivities ongoing in the district.A banking facility will no doubt promote existing businesses, provide aconducive environment for investment opportunities, businessdevelopment and stimulate economic growth in a district of dynamic andenterprising people.I therefore urge the Rokel Commercial Bank and, indeed, all commercialbanks to move away from “arm chair banking” (i.e. investing inGovernment Securities) to the traditional role of making credit availableto deserving customers at affordable rates. By performing this role thebanks would compliment Government’s effort to enhance economicdevelopment and poverty alleviation through community empowermentto engage in productive activities and hence improve their livingconditions.Mr. Chairman, Paramount Chiefs and Distinguished GuestsAs we celebrate the achievements so far in the financial sector, it isimportant that I reiterate that there are still major difficulties relating toland tenure and cost effective access to funds for investment especiallyfrom the banking sector.Mr. Chairman, Distinguished Ladies and Gentlemen,4

I believe that a harmonized land tenure system in the provinces with thefreehold systems in the Western Area that renders land and real estateas active capital is key to future development of the financial industryand investment in the country at large.Mr. Chairman, Paramount Chiefs, Distinguished Guests,I want to encourage everyone to take advantage of this greatopportunity provide by the Rokel Commercial Bank and contributemeaningfully to the development of the country.Finally, let me on behalf of the Bank of Sierra Leone, congratulate theBoard, Management and Staff of the Rokel Commercial Bank for thepositive step taken to reopen the Pujehun branch and the time andeffort put into organizing this ceremony. I urge you to take greaterstrides in affording Sierra Leoneans and all – Quality BankingServices.I thank you all for your attention.5