Other financial sector issues Your Excellency, distinguished guests, one of the major limitations to investment in Sierra Leone is the non availability of medium to long term funds. The Bank in the context of the FSDP intends to address this issue in consultation with insurance companies, NASSIT and other potential medium to long term fund holders to see how such funds could be mobilized. Also, the establishment of the stock exchange could serve as a source of funds through the collective investment scheme. In the mean time, the Bank is working closely with the Ministry of Finance and Economic Development for the issuance of long term bonds to assist Government in financing its development programmes. We hope that when these bonds are issued, the public will respond positively to our development initiatives. Another area of concern is the absence of specialized institutions that finance activities in key sectors that contribute to growth. This is being addressed by the Bank in consultation with the relevant ministries. Furthermore, the Bank is also considering options on how funds from the formal sector can be used to assist the informal sector. Strengthening the regulator Your Excellency, distinguished ladies and gentlemen, the Bank has made notable progress in strengthening its governance structure and corporate management system. There is also broad harmony and genuine cooperation among all stakeholders of the Bank as well as among the various regulatory bodies of the commercial banks. In the area of human resource management, a more open and transparent system has been introduced.
Permit me to pay tribute to all other former Governors who have contributed immensely to our institutional development over the years. I want to take this opportunity to thank them all for their contributions in reforming the Bank and upholding the dignity and effectiveness of our noble institution. Your Excellency, distinguished guests, the recent global economic and financial crisis was a wake-up call to the realisation that low and stable inflation, a sound banking system, as well as high and sustainable economic growth, though necessary, are not sufficient conditions for financial stability. As you are aware, the Bank had developed the Financial Sector Development Plan (FSDP) which was approved by cabinet in 2009, to address the shortcomings in the financial sector. It is expected that funding for the FSDP would be provided under a basket fund arrangement with development partners, including KfW, GTZ, and AfDB, with the World Bank assuming a leading role. The Bank is in the process of setting up a secretariat for successful implementation of the FSDP for which the Head has been appointed. Your Excellency, distinguished ladies and gentlemen, permit me to proceed with the discussion on the highlights of the reform policies to reposition the Bank and the current state of their implementation. Strengthening the supervisory role of the Bank of Sierra Leone Your Excellency, distinguished guests, even though the Bank was granted legal sanction by the Bank of Sierra Leone Act 2000, its powers and operational autonomy are limited.