Citizens Believe Prince Jacob Macauley Could Revamp The Leone
It goes without saying that a prudent Economist is what Sierra Leone needs at the Central Bank, and Prince Jacob Macauley could be that savior, especially as all what he predicted when the former Bank Governor was implementing his policies, turned out to be true. Even World Bank officials who visited the country early in President Bio’s first term, questioned the wisdom of auctioning the dollar at that stage.
This writer is aware that during the meeting held at Radisson Blue in Freetown, the World Bank questioned those policies, noted that the Financial Secretary of the Ministry of Finance, Sahr Jusu, and the Bank Governor, Prof. Kallon were present, and acknowledged the mistakes, with both saying that they will take the observation and recommendation to the ministry. Long before the said meeting, Prince Macauley had raised the alarm, in an interview on Radio Democracy that the move was counter-productive, which turned out to be true.
With the introduction of the redenomination, again Prince Macauley warned against that move, saying that there was no backup for the currency, and introducing the redenomination will lead to hoarding of the dollar, as people will opt for the dollar than the New Leone, as there will be a matter of trust. This, situation, Macauley warned, would lead to the rise in the demand for the dollar and its subsequent increase in the exchange rate as against the Leone. His advice was again ignored with catastrophic consequences. With the change of the Finance Minister and replacement by Fantamadi Bangura, Prince Macauley breathe a sigh of relief and said that the new Finance Minister knows what to do, and to his prediction, the new minister has tabled a Supplementary Budget, which according to Prince Macauley, is the best action to take to begin to address the problem. He also maintained that there should be a complete review of both the fiscal and monetary policies.
Looking at the above progressive warnings against various policies taken by the Bank Governor then, and also at his suggestions of actions to be taken, that the current Finance Minister, himself an expert in the field, it is but fitting that the likes of Prince Jacob Macauley be teamed with the Finance Minister as Bank Governor, where both Economic Experts could work together, with the current Finance Minister and Prince Macauley, as Bank Governor can deliver a very stable economy.
But who is Prince Jacob Macauley? He is an Economist that has worked with the World Bank and other top international financial institutions, and has been consultants for various organizations, including the Adam Smith International, DT Global Crown Agent, and Moody Rating Agency etc.
