Sierra Leone

The THE BORROWERS AND LENDERS ACT 2014 drafted by the Bank of Sierra Leone was ratified by the parliament on Nov. 14, 2014. The Central Bank modelled the Bill on the Ghanaian Borrowers and Lenders Act including the proposed amendments.  While loosely based on a PPSA scheme, including priority by date of registration, the Sierra Leone legislation does deviate from modern secured transactions regimes in a number of respects. For instance, the scope of application is limited to ‘lenders’, defined as commercial banks or other financial institutions licensed by the Bank of Sierra Leone, and the legislation includes a Chapter that regulates the supervisory and enforcement powers of the Bank of Sierra Leone.