Section 11, THE BANK OF SIERRA LEONE ACT 2019

(1) The Goveror shall be the chief executive officer of the Bank and shall be responsible for the implementaton of the policies of the Bank. (2) The Governor shall be responsible to the Board for the execution of its decisions and for the direction and control of the administration and operations of the Bank. (3) The Governor shall have powers to take all actions required or deemed advisable for the administration or operations of the Bank, including the procurement of goods and services, entering into contractual commitments on behalf of the Bank, appointing the staff and agents of the Bank, and generally representing the Bank. (4) The Governor may, within the rules prescribed by the Board, delegate any of his executive powers or functions to other executive members of the Board and his non-executive powers to any member of the Board, but shall remain accountable for the proper execution of the functions. (5) The Governor shall report, not less than 6 times each year, to the Board on- (a) the conduct of the policies and operations of the Bank; (b) the soundness of the financial system including the state of the money, capital and foreign exchange markets; (c) all events and conditions that have or are expected to have a significant effect on the administration or operations of the Bank or on the financial system. (6) The Governor shall approve the issuance of- (a) licences for clearing, payment and securities settlement systems; (b) licences and permits for financial institutions, and to revoke licences and permits of these institutions. (7) The Governor shall have powers to take enforcement measures and take remedial actions including - (a) issuing cease and desist powers; (b) instructing any supervised bank or other financial institution; (c) oversee clearing, payment and security settlement system; (d) appointing a receiver for entities; or (e) imposing such administrative penalties provided by this Act, or any other Act.