Chamber of Commerce Lectures on Credit Reference

The Sierra Leone Chamber of Commerce, Industry, and Agriculture held a one day business lecture on Credit Reference Bureau and Bankruptcy at the British Council Auditorium, Freetown.   (Photo: President of the Sierra Leone Chamber of Commerce, Mrs. Gladys Strasser-King)

President of the Sierra Leone Chamber of Commerce, Mrs. Gladys Strasser-King, explained that the lecture was to support members on the aspect of doing business in the country, owing to the fact that many people lack the legal acumen on such issues.

She argued that most times people are prevented from doing business as they complain lack of capital or credit as reasons enough for such.

Making a presentation on the Credit Reference Bureau, the head of Credit Reference Bureau, Bank of Sierra Leone, Philip Bangura described the Credit Bureau as one that holds information on consumers and data concerning their credit history. It contributed to the economy stable financial sector, enhances efficiency in financial intermediation and increases private sector lending.

He encouraged all to visit the Bank of Sierra Leone for more information on the Credit Reference Bureau.

Speaking on the Bankruptcy Act of 2009, Lawyer Mohamed Sahid Bangura of Macauley and Bangura Co-Chambers said that the Bankruptcy Act which is a new one in the country is not new in other parts of the world. Citing Section (2) of part (2) in the Act makes provision for those who should be described as debtors or creditors.

He explained in detailed about the Bankruptcy Act noting that it is arguably the interest of the creditor.

The lecture was climaxed with questions from representatives of different banking and non banking institution within the country.

By Zuzel Davies

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