The World Bank says Macroeconomic Management Weakens While Social Inclusion Policies Improve Slightly in Africa's Poorest Countries whilst sustainability concerns on the rise.
WASHINGTON, July 31, 2019-Africa's poorest countries saw little to no progress on average in improving the quality of their policy and institutional frameworks in 2018, according to the World Bank's annual Country Policy and Institutional Assessment (CPIA) released today. The average CPIA score in Africa's 38 International Development Association (IDA)-eligible countries in 2018 remained unchanged at 3.1 on a scale of 0 to 6, with some areas of social policy seeing improvements while macroeconomic management weakened. The rule of law, accountability and transparency, and the quality of public administration remained major areas that impede the efficient use of public resources across the region.
This year's CPIA Africa report takes a closer look at debt management, as the median government debt-to-GDP ratio reached 54.9 percent of GDP in 2018, an 18.5 percentage-point increase since 2013. At the same time, the share of foreign currency bonds in total external debt increased by 10 percent while the shares of debt owed to commercial and non-Paris Club creditors rose by 5 percentage points since 2010, and sovereign bond issuances have increased rapidly.
Osman Darbo, a Sierra Leonean living in The Gambia is said to be the Chairman of Local Sierra Leonean Businessmen at Black Market. He has being brutally murder by Gambian security forces (police) after being beaten, allegedly without no valid reason.
Shareholders of the Aureol Insurance Company Limited on Friday 19th July, 2019 converged at the Atlantic Hall, National Stadium in Freetown to hold its 22nd Annual General Meeting (AGM) and to receive the Company’s Annual Report for the financial year ended 31st December, 2018, to declare dividend, to elect Directors and to fix their remuneration and to appoint the Auditor and to authorise the Director to fix their remuneration.
In her opening statement, the Chairperson of the Board, Mrs. Yasmin Fofanah mentioned the slow growth of the country’s economy which she said was largely due to the cessation of iron ore mining operations coupled with other factors such as inflation, the depreciation of the Leone and the fluctuation of the foreign exchange rates.
The mini Amphitheatre at MMCET Congo Cross – Walton Gilpin and Victor Bocakrie cutting the tape
Students at the Congo Cross Campus Milton Margai College of Education, Science and Technology last weekend celebrated the official handing over a new Mini Amphitheatre, three rehabilitated relaxation sheds and leisure gardens by the Rokel Commercial Bank. This came through a request by the Student Union government of the campus.
MD, Engineer Senesie Kallon and the landline handsets
Sierra Leone Telecommunication Company (SIERRATEL) has launched a free landline service for both voice and data that would last for thirty days, with the view to extending reach to its customers across the country.
The promotion, according to the Director of Marketing, Albert Bangura-Will is a free on-net calls and data services for only customers that are already using SIERRATEL ‘all plus packages’.
The, Sierra Leone Brewery Limited (SLBL), the country’s premier manufacturer of alcoholic and non-alcoholic beverages in the country, continues to make impressive inroads not only by gaining more customer base but also for rolling out solid developmental projects in certain communities. In other words the company is commendably honouring its corporate social responsibility that is impacting positively on the lives of people.
Following days of uncertainty in petroleum supply with fears that the commodity was becoming scarce, AYV conducted in-depth investigation into the matter to ascertain the root cause (s) and what is responsible for the recent seeming shortage of fuel across the country.
It was gathered that National Petroleum Sierra Leone (NP-SL) recorded a massive loss of over Le 96 billion (ninety six billion Leones) between January to May 2019.
The leading Telecommunication operator in Sierra Leone, Africell has given Iftar to Muslims nationwide that are fasting in this Holy month of Ramadan.
Iftar is one of the religious observances of Ramadan and it is taken just after the Maghrib prayer and it is done in emulation of Prophet Muhammad (S.A.W) who before his death breaks his fast in this manner.
The International Monetary Fund (IMF) after its first economic performance review has rated Sierra Leone’s economic performance under the New Direction as very satisfactory and this will see the country benefiting from grants in the coming months.
It could be recalled that on 23rd April this year a team led by Dr. Karen Ongley as Mission Chief from the IMF commenced the first economic performance review of Sierra Leone under the New Direction and the newly-agreed programme.
The Sierra Leone Brewery Company Limited (SLBL) on Friday 26th April 2019 informed the media and officials of the Consumer Protection Agency about its recent investments in facilities upgrade in its new brew house as well as the recently overhauled packaging bottling line costing Le3.5 billion.
Since 1962, SLBL has pride itself with that rich heritage tied to the history of the country with the vision of growing with Sierra Leone as well as to further improve the efficiency of its bottling operations and to ensure that that its services are to its valued consumers and consumers in the future.
Minister of Planning and Economic Development, Nabeela Tunis, has presented the Government of Sierra Leone’s Medium Term National Development Plan 2019-2023, to the British Chamber of Commerce in Sierra Leone. She said that the government recognised that the private sector is key in ensuring the successful implementation of the plan.
Deputy Minister of Trade and Industry, Rev. Abraham James Sesay-Jones on Friday 7th May, 2019; officially launched the Trade Inspection Manual and approved the resumption of activities of the Trade Monitors.
In his remarks, Rev. Abraham Sesay-Jones emphasized that the role of Trade Monitor is very key to the Ministry, hence there was need to enhance their technical skills and knowledge on trade related issues, interpersonal relationship with the business community, reliable trade data collection, report writing, understanding the Civil Service Code, Rules and Regulations.
The Parliament of Sierra Leone has extensively debated and ratified two international Agreements that are geared towards the implementation of the UN Convention on the law of the sea and the promotion of compliance with international conservation and management measures by fishing vessels on the high seas.
Observing, the Rt. Hon. Speaker of Parliament, Dr. Abass Chernor Bundu spoke on the need for coming up with regulations to give effect to these Agreements and recalled that the UN Convention on the law of the sea had been adopted by countries since 1982, adding that since the Migratory Convention was adopted in 1995, it was only after a period of 24 years had lapsed before Sierra Leone could think of ratifying it, “the reason why a yellow card had been issued to the country”.
Alhaji Alpha Tanu Jalloh, President of Sierra Leone Importers Association, says the current business trend is very difficult and that as an association, they are calling on the government to see how they can help the association solve the problems facing importers in Sierra Leone.
Speaking on the currency situation he said: “we have been pleading with the government to let us try a policy involving the national banks going through the Ministry of Finance to arrange for a forum with importers wherein we would see how we can peg our money at least for six months so that we would create standards. But at present it is highly challenging to live in a region wherein we cannot compete with our neighbors like Liberia and Guinea.”
Three weeks after the UBA group launched its operations in Mali, the global financial city of London hosted a high level gathering of business and public sector leaders on Thursday February 28, 2019, as the new UBA franchise, UBA UK was formally birthed in the United Kingdom amidst high expectations.
At the upscale ceremony which was held at The Prestigious Shard in the city of London, UBA UK was formerly introduced to business leaders across Europe and Africa with a commitment from the UBA Group of its readiness to galvanise trade and commerce between Europe and Africa.
The depreciation of the Leone over the past few weeks is a growing concern to consumers, firms and policy makers.Over the past year we’ve seen a 20% decline in the Leone relative to the U.S. Dollar.Currency depreciation is not necessarily a bad thing, but the current structure of the Sierra Leone economy not only makes it difficult for the country to enjoy the benefits but also increases the costs to consumers. As policy makers worry about the undesirable effects of this decline on consumer prices and interest rates, they should also examine the possible root causes and take steps that would bring relative stability to the currency.Our policy makers should not only focus on imbalances in the current account, but they should also explore capital account imbalances, if business community is reducing its exposure to the Leone because of reduced confidence in the economy.This business exposure reduction can be done by transferring capital abroad or converting it to foreign currency (forex) to secure the value of the capital.Prolonged volatility in the currency could trigger a balance of payments crisis that will undermine the fragile confidence in the economy.
The Tony Elumelu Foundation (TEF), the leading African philanthropy committed to empowering African entrepreneurs has announced 3,050 African entrepreneurs, drawn from all 54 African countries, selected to join the 5th cycle of its $100million TEF Entrepreneurship Programme.
The announcement was made at the Transcorp Hilton Abuja, following a presentation of the selection process by Accenture Development Partners.
Sierra Leone, 20 March 2019: SL Mining Limited, a wholly owned subsidiary of Gerald Group, engaged in the exploration, development and production of iron ore concentrate at Marampa in the Port Loko District, Northern Province of Sierra Leone is pleased to announce the appointment of Dr. Sheikh Umarr Kamarah, a Sierra Leone native, as Community Relations and Development Director. Professor Sheikh has agreed to bring his extensive public service experience to this role, which coupled with his knowledge of Sierra Leone, best positions SL Mining to develop projects that will be in the best interest of all stakeholders.