非洲 > 西非 > 塞拉利昂 > Sierra leone Finance Profile 2012

塞拉利昂: Sierra leone Finance Profile 2012

2012/04/03

          更多  

 

 

 

Sierra leone Finance Profile 2012

Sierra Leone: Financial Sector Profile

Still recovering from the effects of a civil war that lasted from 1991 to 2001, Sierra Leone’s main economic indicators still lag behind the averages for sub-Saharan Africa (SSA) and even other fragile SSA countries. While real GDP growth has exceeded the averages of SSA countries for the past five years, GDP per capita in constant dollars remains well below them, and the country ranks last among those surveyed in the United Nations 2007 Human Development Report. Having also the lowest domestic revenue-to-GDP ratio, Sierra Leone has little fiscal space to fight poverty.

The country’s growth rate averaged 6.6 percent for 2009 but is expected to decline to 5.5 percent for 2010, largely due to the effects of the twin food and financial crises.

Two thirds of the Sierra Leonean population rely on agriculture, which accounts for 52.5 percent of national income. The government is in the process of integrating rural development and agricultural projects, with the support of the donor community, in an effort to upgrade farmers’ skills and increase the country’s food production. The country’s industry sector relies on mineral extraction, notably diamonds and bauxite.

With the end of the civil war, a viable financial sector started to materialize in Sierra Leone; however, it primarily serves the wealthy, high-margin enterprises, and civil servants. Most commercial banks are primarily invested in treasury bills, while only a limited percentage of their assets are invested in credit to the private sector.

The financial system consists mainly of the banking and insurance sectors, each under the supervision of a separate regulatory authority. In 2008, Sierra Leone adopted a comprehensive strategy for reform of the financial sector, aimed at strengthening banking supervision, enhancing competition, increasing access to commercial bank credit, and improving the payment system.

The banking sector in Sierra Leone consists of eight commercial banks, 6 community banks, and 51 foreign exchange bureaus, all supervised by the Central Bank. In 2008, the Central Bank raised the minimum capital requirements for all licensed financial institutions in an effort to strengthen financial system stability.

The vast majority of Sierra Leone’s population has no access to formal financial services, and the microfinance industry is in its nascent stages of development. Two Development banks operate in the country, the National Development Bank and the National Cooperative Development Bank, which engage mainly in the microfinance sector in urban centers.

Rotating savings and credit associations (ROSCAs) are common throughout the country and serve as a mechanism for people to save for medical, dowries, or school fees. Credit discipline is enforced by social sanctions.

Capital market activity is limited in Sierra Leone. The government issues debt securities, but no corporate bonds exist. A Stock Exchange is under construction: the Sierra Leone Stock Exchange Technical Committee was established to design a legal framework to structure and regulate the future exchange, which will be a self-regulatory organization. As a temporary arrangement, the Other Financial Services Act of 2001 is being amended to allow for the establishment of an interim stock trading facility and the licensing of brokers and dealers in securities.

The insurance sector is regulated by the Sierra Leone Insurance Commission. At present, nine insurance companies are registered. Supervision of the sector is carried out by the Commissioner of Insurance within the Department of Finance.

相关文章