OPENING CEREMONY
OF THE SIERRA LEONE STOCK EXCHANGE
AT THE MIATTA CONFERENCE CENTRE YOUYI BUILDING, FRIDAY 17TH JULY 2009.

 SALUTATION

I am extremely delighted to be in your midst today as we all celebrate the Opening of the Sierra Leone Stock Exchange. Since its inauguration in July, 2007, no formal trading of securities has taken place on the floor of the Exchange. This time round, my government is well determined to fully put into  operation the Sierra Leone Stock Exchange with a view to kick starting a well planned development agenda for this country. 

Mr. Chairman,   this very important occasion marks the beginning of a series of events characterizing my
government’s determination to create a conducive environment for private sector development and economic
 growth in Sierra Leone. As a government, we are fully aware of the important role the financial sector plays
 in promoting economic growth. An efficient financial system is indispensable for the creation of incentives,
the flow of investments and the diffusion of technology.

Given the benefits associated with well-functioning financial markets, a number of African countries have sought
to put in place measures aimed at developing the financial sector. Financial sector reforms have been widely
used as policy measures to encourage the development of domestic financial systems as well as the removal
of barriers to international capital flows.

This realization is not lost on my government. We have therefore embarked on designing appropriate policy
programs directed towards restructuring and strengthening the financial sector to meet the needs of the country
for post conflict economic recovery. At this initial stage, the Other Financial Services Amendment Act 2007 will
serve to provide the legal basis for the operation of the Stock Exchange until the enactment of the Securities Bill.

Mr. Chairman, we have earlier emphasized the significance of the  role an efficient financial system plays in
determining the growth of our economy.  A stock exchange is crucial to this system. It helps channel savings
to more productive uses by collecting and analyzing information about investment opportunities, thus
broadening and deepening the local capital market. By creating an efficient mechanism for transactions in
long term financial instruments, the capital market also provides a wide range of wealth creating opportunities for
Government, Corporations, Private Individuals, and other financial institutions. With the establishment of a Stock
Exchange in Sierra Leone, there are high hopes that the private sector will be able to mobilize adequate financial
resources to support economic growth in the country.

Mr. Chairman, today’s opening of the Sierra Leone Stock Exchange is very much important in the current
privatization drive of my government. As a market based economy, corporate entities may not function in an efficient
manner without private ownership of the productive resources. Privatization has therefore become one of the most
important instruments for enhancing efficiency in the corporate world. 

The initial public offering of securities from privatized public sector enterprises normally attracts a variety of investors,
including domestic and foreign individuals, institutions (such as pension funds, insurance companies and banks),
employee share ownership plans (ESOPs), and collective investment schemes. None of such investors would be
attracted to an offering without some assurance that there is a secondary market in which to dispose of the shares at a
later date in order to cash in on market appreciation. Without a secondary market medium, there would be no readily
available means for stock purchasers to resell their securities. If a stock exchange did not exist, or shares were not
listed on the exchange, an investor desiring to sell shares would be left to finding a buyer on his or her own, or finding
a stockbroker willing to invest the time and energy to seek out a buyer.

Mr. Chairman, the so-called over-the-counter market is not well developed in most African countries.
Thus, the operation of the Sierra Leone Stock Exchange will serve to promote the current privatization drive of my
government. It is as a result of my government’s recognition of the significant role of the Stock Exchange in our privatization
drive, that I have encouraged the National Commission for Privatization (NCP) to expedite the process of privatizing Rokel
Commercial Bank and facilitating its listing on the Sierra Leone Stock Exchange.

Mr. Chairman, Distinguished Ladies and Gentlemen, I am convinced that the establishment of the Sierra Leone Stock
Exchange will create many opportunities for income generation by private individuals as well as institutional investors.
This market will also serve as a reliable investment vehicle for Sierra Leoneans in the Diaspora and those handling
Social Security Funds.  The opening of this market today, should be truly regarded therefore, as marking the beginning
of a wealth creation process that will uplift our generation and generations yet unborn from the hard grip of poverty.

Mr. Chairman, my government is not only putting in place policies to unleash the power of the private sector in this
country, we are also dedicated to the implementation of these policies. That is one critical difference my government
intends to make to the governance of this country: ensuring implementation.

Mr. Chairman, distinguished ladies and gentlemen, we know that the challenges to implementing our programs are tough,
but we will meet them headlong. From the Bumbuna hydro electric dam to the roads in Kailahun, we will ensure their
implementation. For too long governments have designed policies that are not implemented; for too long governments have
counted as achievements only those programs that stay on paper; for too long governments have refused translate policies
into effective actions. My government is putting a stop to that. We shall ensure implementation; for we believe that we could
only create positive impacts on the lives of our people by implementing our programs. That is the difference this government
wants to make: implementation.

My call to you here today is to join us in this partnership for effective implementation of our programs.
Together we shall battle the bottlenecks; together we will remove the remaining barriers to effective mobilization, broadening
and deepening of the local capital market; together we will ensure Sierra Leoneans and friends of Sierra Leone, at home and
the Diaspora, effectively participate and invest in securities traded on the floor of the Sierra Leone Stock Exchange. 

Mr. Chairman, Distinguished Ladies and Gentlemen, I thank you all for your attention.