Impacts of banks on the economic growth and development of Sierra Leone
Abstract
The main objective of this study is to equally examine and evaluate the role of commercial banks on the economic growth in Sierra Leone. The study portrays how loans and credit affect the GDP and consequently the level of economic growth of Sierra Leone.
The data for this research study was collected through primary sources and secondary sources included a number of text books and annual reports. But primary sources are mostly collected. The data was analyzed through quantitative analysis using descriptive statistics.
At the end of the study, it was revealed that commercial banks have a positive impact on the economic growth in Sierra Leone. It was also realized that domestic credit from commercial banks has a directly proportional relationship.
The Recommendations were stated on the fact that, government should encourage the saving culture of Sierra Leoneans, increase the level of deregulation in the banking sector and also reduce the tax burden on commercial banks.
How to Cite This Article
Samuel Karim, Edwin Augustine Junior Turay, Alpha Latif Kabia (2022). Impacts of banks on the economic growth and development of Sierra Leone . International Journal of Multidisciplinary Research and Growth Evaluation (IJMRGE), 3(3), 91-102. DOI: https://doi.org/10.54660/anfo.2022.3.3.8