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Bank of Sierra Leone Announces Reduction in Monetary Policy Rate to Boost Economic Growth


The Monetary Policy Committee (MPC) of the Bank of Sierra Leone (BSL) has reduced the Monetary Policy Rate (MPR) by 1 percentage point to 23.75%, effective June 24, 2025, in a move aimed at lowering borrowing costs and stimulating private sector investment.

The decision, approved by the BSL Board of Directors on June 23, follows a review of global and domestic economic conditions. Governor Dr. Ibrahim L. Stevens announced corresponding adjustments to the Standing Lending Facility Rate (SLFR) and Standing Deposit Facility Rate (SDFR), now set at 26.75% and 17.25%, respectively.

The MPC’s decision comes amid a cautiously optimistic outlook for Sierra Leone’s economy, underpinned by a significant decline in domestic inflation from 13.78% in December 2024 to 7.55% in May 2025. This drop, attributed to prudent monetary policies, fiscal discipline, stable fuel prices, and a relatively steady exchange rate, has created room for the BSL to ease monetary policy to support investment and growth.



Globally, the economic landscape remains challenging, with the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), and the World Bank revising down their 2025 global growth forecasts to 2.8%, 2.9%, and 2.3%, respectively. These downgrades reflect trade policy shifts and geopolitical tensions, which could disrupt supply chains and exert inflationary pressures on Sierra Leone’s economy. Despite these risks, the MPC noted that global inflation is expected to decline in 2025 and 2026 due to tighter monetary policies and falling commodity prices.

Domestically, Sierra Leone’s economy is projected to grow by 4.5% in 2025, up from 4.0% in 2024, driven by strong performances in mining, agriculture, and services. The MPC anticipates growth to rise further to 4.7% in 2026 and 2027, supported by government initiatives to enhance agricultural productivity. However, external risks such as global supply chain disruptions and trade tensions could pose challenges, prompting calls for policies to bolster economic resilience.

The MPC highlighted mixed developments in Sierra Leone’s external and fiscal sectors. The trade deficit widened in the first quarter of 2025 due to higher import costs and lower export earnings, while foreign exchange reserves fell to cover just 1.8 months of imports. On the fiscal front, the budget deficit grew in early 2025 due to lower domestic revenue and higher interest payments, though reduced spending on goods, services, and subsidies narrowed the primary deficit. A decline in the 364-day Treasury Bill rate has eased borrowing costs, providing fiscal space for the government.

Monetary developments showed a contraction in reserve money but moderate growth in broad money (M2) in the first quarter. While credit to the private sector increased, it remains insufficient to drive significant investment. The MPC stressed the need for a more inclusive credit environment to support private sector growth.

In its statement, the MPC emphasised that the rate cut aims to encourage private sector credit, reduce borrowing costs, and promote sustainable growth while maintaining vigilance over inflationary risks. The next MPC meeting is scheduled for 25 September 2025.



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Bank of Sierra Leone Announces Reduction in Monetary Policy Rate to Boost Economic Growth


The Monetary Policy Committee (MPC) of the Bank of Sierra Leone (BSL) has reduced the Monetary Policy Rate (MPR) by 1 percentage point to 23.75%, effective June 24, 2025, in a move aimed at lowering borrowing costs and stimulating private sector investment.

The decision, approved by the BSL Board of Directors on June 23, follows a review of global and domestic economic conditions. Governor Dr. Ibrahim L. Stevens announced corresponding adjustments to the Standing Lending Facility Rate (SLFR) and Standing Deposit Facility Rate (SDFR), now set at 26.75% and 17.25%, respectively.

The MPC’s decision comes amid a cautiously optimistic outlook for Sierra Leone’s economy, underpinned by a significant decline in domestic inflation from 13.78% in December 2024 to 7.55% in May 2025. This drop, attributed to prudent monetary policies, fiscal discipline, stable fuel prices, and a relatively steady exchange rate, has created room for the BSL to ease monetary policy to support investment and growth.



Globally, the economic landscape remains challenging, with the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD), and the World Bank revising down their 2025 global growth forecasts to 2.8%, 2.9%, and 2.3%, respectively. These downgrades reflect trade policy shifts and geopolitical tensions, which could disrupt supply chains and exert inflationary pressures on Sierra Leone’s economy. Despite these risks, the MPC noted that global inflation is expected to decline in 2025 and 2026 due to tighter monetary policies and falling commodity prices.

Domestically, Sierra Leone’s economy is projected to grow by 4.5% in 2025, up from 4.0% in 2024, driven by strong performances in mining, agriculture, and services. The MPC anticipates growth to rise further to 4.7% in 2026 and 2027, supported by government initiatives to enhance agricultural productivity. However, external risks such as global supply chain disruptions and trade tensions could pose challenges, prompting calls for policies to bolster economic resilience.

The MPC highlighted mixed developments in Sierra Leone’s external and fiscal sectors. The trade deficit widened in the first quarter of 2025 due to higher import costs and lower export earnings, while foreign exchange reserves fell to cover just 1.8 months of imports. On the fiscal front, the budget deficit grew in early 2025 due to lower domestic revenue and higher interest payments, though reduced spending on goods, services, and subsidies narrowed the primary deficit. A decline in the 364-day Treasury Bill rate has eased borrowing costs, providing fiscal space for the government.

Monetary developments showed a contraction in reserve money but moderate growth in broad money (M2) in the first quarter. While credit to the private sector increased, it remains insufficient to drive significant investment. The MPC stressed the need for a more inclusive credit environment to support private sector growth.

In its statement, the MPC emphasised that the rate cut aims to encourage private sector credit, reduce borrowing costs, and promote sustainable growth while maintaining vigilance over inflationary risks. The next MPC meeting is scheduled for 25 September 2025.



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A Landmark Event Empowering Entrepreneurs and Boosting Economic Growth


QNET’s highly anticipated V-Africa 2025, a regional edition of the company’s flagship convention has taken place in Ghana from February 20 to 23, 2025. The Accra International Conference Centre hosted 4000 participants from across the Sub-Saharan Africa region as they experienced four days of empowerment, networking, and innovation.

The convention showcased QNET’s exclusive product offerings, provide immersive entrepreneurship training, and contributed significantly to Ghana’s tourism and economic growth.

Trevor Kuna, Chief Marketing Officer for QNET, expressed his enthusiasm: “Hosting V-Africa 2025 in Ghana is a testament to our commitment to supporting entrepreneurs in Africa. This event isn’t just about showcasing our brand—it’s about empowering individuals to achieve their dreams while contributing meaningfully to local economies.”



Empowering Entrepreneurs, Celebrating Culture

V-Africa featured product workshops, dynamic training sessions on business building and entrepreneurship, and an exhibition displaying QNET’s signature product brands such as Homepure range of home care products, Amezcua’s wellness range, Swiss watch brand Bernhard H. Mayer’s new Collection, and more. Attendees gained invaluable insights into QNET’s ethos of wellness, sustainability, and entrepreneurship, setting the stage for lasting business growth.

Biram Fall, QNET’s Regional General Manager for sub-Saharan Africa, elaborated on the event’s local significance: “V-Africa 2025 has left a lasting legacy by empowering African entrepreneurs from different countries and supporting Ghana’s tourism industry. This is more than a business convention—it’s a platform for connection, growth, and transformation.”

Driving Tourism and Economic Growth

As one of the largest events of its kind, V-Africa 2025 attracted participants from 25 countries, providing a boost to the local hospitality, transportation, and tourism sectors. QNET’s commitment to Africa includes partnering with local stakeholders to ensure the event delivers long-term benefits to the continent.

About QNET

QNET is a prominent lifestyle and wellness company that uses a direct selling business model to offer a wide selection of exclusive products that enable individuals to embrace a healthier, more balanced life.

Since 1998, QNET’s innovative products and e-commerce-driven business model have helped build a global community of satisfied customers and microentrepreneurs, who are driven by the mission of RYTHM – Raise Yourself To Help Mankind. Popular product brands offered by QNET include the Bernhard H. Mayer range of luxury watches and jewellery, HomePure range of home care products, the Amezcua wellness range, Physio Radiance personal care range, and QVI branded holiday packages.

QNET proudly holds memberships in the Direct Selling Association in several countries, the Hong Kong Health Food Association, the Health Supplements Industry Association of Singapore, and more. QNET is also active in several global sports sponsorships including in its role as the official direct selling partner of the Manchester City Football Club and the Confederation of African Football (CAF), underscoring its commitment to excellence and global reach.  Discover a world of new possibilities with QNET by visiting www.qnet.net



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A Center of Excellence For Financial Inclusion And Economic Growth in Sierra Leone’s Digital Journey


Rokel Commercial Bank (formerly Barclays Bank of Sierra Leone) is one of the leading Banking institutions in Sierra Leone in terms of digital financial services.

RCBank was established in 1917 as Barclays Bank DCO with 100% shares owned by the parent company. The rationale behind the move was to encourage Sierra Leoneans to Participate as owners and develop confidence in the Bank. Named after the longest river in Sierra Leone, Rokel Commercial bank remains the gateway to banking in the country.

RCBank Simkorpor Plus Application and Internet Banking have resulted in the transformation of the digital landscape and brought unprecedented convenience to Sierra Leoneans for their financial transactions.



Dr. Walton E. Gilpin; RC Bank Managing Director, reaffirmed the commitment of management to comply with the Bank of Sierra Leone Prudential Guidelines and to position RCB as the preferred banking institution in Sierra Leone. ‘’it is going be the people’s bank with branches operating in other part of the sub region.

CREATING A CENTER OF EXCELLENCE – enable business units to drive financial inclusion and economic growth in Sierra Leone digital journey
The Bank is a Center of Excellence within Sierra Leone Financial Industry which operates with principles of empowering business units and facilitating financial transactions to drive growth in the financial Industry and the economy.

With RCBank Internet Banking, customers can automatically Pay their Bills Super fast with Online Banking Services.

The Process is Simple to pay for goods and services using Sim Korpor: Just Use the QR Code Function to Scan RCBank QR Codes at Supermarkets, restaurants, markets, Hospitals, bars, and more . Alternatively, you can use the Institutional payment option to make payment.
Customers accounts are automatically credited or debited for each deposit, making it easy to stay on track.

The introduction of the Rokel Sim Korpor Plus Application marked not only a significant milestone for the bank but also for Sierra Leone as a whole.

During an interview with the head of RCBank Sim Korpor department Mrs. Kezia Salankole emphasized how RCBank’s Simkorpor department has transformed the digital landscape and brought unprecedented convenience to Sierra Leoneans for their financial transactions.

“By leveraging cutting-edge technologies, the bank has empowered people to perform secure and seamless transactions from the comfort of their own homes or wherever they may be,” she said.
A standout accomplishment that Mrs. Salankole proudly shared was the expansion of the RCBank Simkorpor department, which can now boast of over 200 agency banking locations spread throughout the country. “This achievement is a testament to RCBank’s dedication to serving the needs of its customers and bringing innovative solutions closer to them,” she noted.

Mrs. Salankole acknowledged that customer orientation played a pivotal role in their success.
RCBank’s customer-centric approach ensures that every decision made by the bank is geared towards enhancing customer satisfaction. This dedication to customer service has been the driving force behind the success of their flagship program, the Simkorpor Service, which was initiated by their Managing Director, Dr. Gilpin.

Reflecting on the impact of the Simkorpor Service, Mrs. Salankole explained that it has become the bank’s digital icon, enabling customers to conduct various transactions, such as paying for goods and services, handling third-party services, and paying bills from anywhere they are located.
“This has facilitated financial inclusiveness, increased access to finance, and reduced costs for individuals, contributing to the growth of Sierra Leone’s economy,” she said.

While celebrating their achievements, Mrs. Salankole acknowledged the challenges they faced in promoting digital services, particularly in overcoming resistance from individuals not yet accustomed to using such technologies. However, RCBank’s dedicated marketing teams have been actively raising awareness among the masses, making strides to bridge the digital divide and encourage the adoption of their services.

Regarding security measures, Mrs. Salankole assured customers that the Sim Korpor Service incorporates robust security features. Transactions are protected by two-factor authentication and encrypted end-to-end to ensure maximum safety. However, she also emphasized the importance for customers to protect their phones with passwords and remain vigilant about their device security.

As RCBank continues to expand its digital footprint, the Simkorpor department’s success is a testament to the bank’s commitment to innovation and customer satisfaction. With over 200 agency banking locations nationwide, RCBank is poised to further drive financial inclusion and economic growth in Sierra Leone.



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