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Sierra Leone’s economy ahead of some African countries
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The governor of the Bank of Sierra Leone, Mr.James D. Rogers,(pictured right) says that the country's economy is growing at a rate of 7%, which is above the 5.5 % average growth rate of most African countries in the sub- Saharan region.
He made the revelation during the launch of a new product of the pan-African mobile company, Celtel, in the capital Freetown. The bank governor however, said that there was a need for more investment so as to sustain the economic growth. According to him, the
exchange rate in the country had now been
stabilised.
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A dollar is now being sold at thirty thousand
Leones. The demand for foreign currency is very great in the country where many of the transactions, including estate deals and in the aviation industry, are carried out in foreign currency, especially the dollar.
The bank governor pointed out that although the exchange rate has been
stabilised, foreign currencies will never depreciate so as to give the people respite. He claimed that the country's foreign reserve had greatly grown in the post-war period.
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