Only time will tell whether these defining moments have truly secured the monetary system and central bank independence. Conclusion Public institutions are the product of their tasks and history. The monetary system was shaken when Norges Bank solely focused on bringing the krone’s value back to par. We might say that the institution lost sight of broader social responsibilities. But the monetary system also suffered in the following period when the authorities took control and lost sight of the central bank. The conclusion with regard to the monetary system is that it must be both steered and guarded. The political authorities must define the objectives and the central bank must be the devoted guardian of the monetary system. The central bank must deliver price predictability, a robust payment system and a stable financial system. It is in its performance of this responsibility that the central bank contributes to realising the mandate issued by the Storting – to supervise the monetary system. Inspired by the former Governor of the Bank of England, Mervyn King, I will summarise my experiences in a few simple principles, which if followed, would enable institutions to fulfil their role in society and serve its citizens:43 1. It must know its social responsibility and restrict itself to the pursuit of the defined objectives and not be distracted by extraneous concerns – it must keep its promises. 2. It must use its instruments and expertise44 to achieve the objectives – it must make good decisions.
Mohamed S Fofana: Managing Sierra Leone’s post-conflict economy Keynote address by Mr Mohamed S Fofana, Deputy Governor of the Bank of Sierra Leone, at the opening ceremony of the Regional Forum on Economic and Financial Management for Legislators, Freetown, Sierra Leone, 12 July 2004. *  *  *  Mr Chairman, Hon. Minister of Justice, Your Excellency, the High Commissioner of The Gambia, Hon. Members of National Parliaments of WAIFEM Countries, Director General of WAIFEM, Directors of the Bank of Sierra Leone, Distinguished Guests, Facilitators and Participants, Ladies and Gentlemen, Introduction It is my honour and privilege to extend a hearty welcome to all of you on behalf of the Government and people of Sierra Leone, Governor JD Rogers who is unavoidably absent today, the Board, Management and staff of the Bank of Sierra Leone and on my own behalf, on the occasion of the opening of the Regional Forum on Economic and Financial Management for Legislators organized by WAIFEM. As host, I would like to urge you to take time out of your crowded programme to visit Freetown and behold the many attractions of this rejuvenated city. Ladies and Gentlemen, permit me to briefly dwell on the state of the West African Economy.