mohamed s fofana : banking developments in sierra leone statement by mr mohamed s fofana, deputy governor of the bank of sierra leone, at the launching ceremony of the new guaranty trust bank logo, freetown, 28 july 2006. * * * mr chairman, hon vice president, solomon e berewa, hon ministers, board of directors, management and staff of the guaranty trust bank ( sl ) ltd, distinguished ladies & gentlemen i am pleased to be here with you this morning at the launching ceremony of the new logo of guaranty trust bank ( sl ) limited. we are all aware that change is inevitable in a dynamic world. and that change itself is dynamic, which is why we are all gathered here today. distinguished ladies and gentlemen, a logo is a symbol or trademark designed for the clear and easy recognition of an institution by both its clients and its competitors. we in the banking industry, as indeed the nation in general, have come to identify guaranty trust bank with a particular logo in the recent past. the change from the old logo, which is two small squares flanking guaranty trust, to a new logo, which is a big orange square with a small white square at the top right side and gt bank inscribed at the bottom of the orange square, is welcomed by the bank of sierra leone. the features of the new logo, which are orange - representing passion for people and the drive for excellence, white - representing commitment to integrity and professionalism, and the squares - representing stability and dependability, are all symbols of the bank ’ s commitment to growth, prudent and efficient service delivery to our country, as well as customer care. mr chairman, since the guaranty trust bank ( sl ) limited commenced operations in january 2002 after the successful take over of the first merchant bank plc nigeria, it has consistently improved its performance and expanded its operations in the country ; notably with the establishment of three branches. as at 31st may 2006, guaranty trust bank ’ s total assets amounted to le47. 05 billion and shareholders ’ funds stood at le5. 84 billion. loans granted to various sectors of the economy have also gone up to le9. 16 billion. all of these are significant and commendable achievements in a short time. distinguished ladies and gentlemen, over the last couple of years, the bank has committed itself to the provision of efficient banking services to the people of sierra leone. it has introduced among other

mohamed s fofana : sierra leone stock exchange – developing the country ’ s financial sector opening remarks by mohamed s fofana, deputy governor of the bank of sierra leone and chairman of the stock exchange technical committee, at the inauguration ceremony of the sierra leone interim stock exchange, freetown, 27 july 2007. * * * your excellency, the president honourable vice president my lord chief justice your excellencies, members of the diplomatic corp hon minister of finance other cabinet ministers mr governor mr secretary to the president and other senior civil servants heads of financial institutions colleague setc members distinguished members of the private sector ladies and gentlemen it is my singular privilege and honour to chair this occasion. i must confess that i only agreed to perform this function under pressure from my colleagues of the stock exchange technical committee, who insisted that as chair of that committee, i am under obligation to chair this ceremony. my personal inclination was that some more distinguished personality than myself should assume this role. it is not common that such a galaxy of distinguished personalities would converge on the bank. when this happens, it is a clear indication that something out of the ordinary is in the offing, as is clearly the case today. your excellency, the inauguration of the sierra leone stock exchange, which you are about to perform, is a unique occasion in every sense. not only is this the first such institution to be established in this country, but it also constitutes the first major visible sign of the formal commencement of organised capital market operations in sierra leone. this is a landmark in our financial history as we take a crucial step towards the further extension and deepening of our financial sector, which up till now largely consists of a money market. while this occasion is significant in its own right, i would like to stress that it is part of a process, rather than an event. from this perspective, it is simply the outcome of all the planning that has taken place in the context of deliberations in the stock exchange technical committee, work done by the capital market unit of the bank, and the inputs of local and foreign consultants, especially for the preparation of legal documents for the establishment of the capital market in general, and the stock exchange in particular. sensitisation of various parties, including our parliament, the press, representatives of the business community and the university has been undertaken, and will continue on a wider scale. consultations have been held with some institutions in the public and private sectors to forge operational links in further