Sierra Leone News: British National Dies Mysteriously in SL Mining?

June 21, 2019

A British national, Jonathan Tarr died last Thursday in Sierra Leone after allegedly suffering a heart-attack.

young dad who sadly passed away suddenly while working out in Sierra Leone, West Africa.

The Derry native, who relocated to Whitechurch, Co Cork a number of years ago, was working with SL mining company in West Africa at the time of his death.

Jonathan was married to a local girl in north Cork and the pair had two young children together.

The well-liked family man had no previous health issues but suffered a heart-attack suddenly last week and died soon after.

Mr. Tarr was a former Defence Forces’ member and had previously been stationed in Collins Barracks, Cork.

Funeral arrangements for the young father are yet to be announced.

A post on RIP.ie reads: “Sadly missed by his heartbroken wife, children, parents Sean and Ethana (O’Neill), brother Justin, sisters Emma and Seana, stepmother Jackie, parents-in-law George and Catherine, nephews, nieces, brothers-in-law, sisters-in-law, relatives, neighbours and a large circle of friends.

“Dr. Gerard Murphy, his colleagues and friends in Lunsar and SL Mining especially Patrick, David, Gian Carlo, Greg, Tony, Adam, Shlomo, Dawo, Swida, Lib, Nafi and Hilton.”

Sierra Leone News: Slain Hannah Bockarie Witness Killed

June 21, 2019

Another sex worker was dumped on the same beach almost four years ago. Last seen alive on Monday last week, her body was discovered on the following day but the news only came to public attention on Monday.

A post-mortem carried out on a sex worker who was murdered in Sierra Leone after giving evidence in the trial for the murder of another sex worker.

Memuna Jabbie’s throat was slit and her naked body was dumped in a mangrove swamp along the Lumley Beach in the west of the capital, Freetown.

Another sex worker was dumped on the same beach almost four years ago.

Then, Hannah Bockarie was gang-raped before she was bludgeoned to death. Memuna and Hannah were best friends.

They were believed to have been together when Hannah was abducted 2015 and Memuna has been testifying in her murder trial.

Last seen alive on Monday last week, her body was discovered on the following day but the news only came to public attention on Monday.

Her sister, Salamatu Jabbie, says that Memuna had been locked up for initially refusing to testify because she was concerned for her safety but did eventually give evidence.

The police would not comment on the matter saying only that they were busy putting their facts together.

Sierra Leone News: Ex-DDR Boss Turns Minister of Planning

June 21, 2019

Minister of Planning and Economic Development, Dr. Francis Kaikai,

The former boss of National Commission for Demobilization, Disarmament and Reintegration (NCDDR), who now doubles as the newly-approved Minister of Planning and Economic Development, Dr. Francis Kaikai, has subscribed to the Oath of Office before President Julius Maada Bio in accordance with Section 57 of the 1991 Constitution of Sierra Leone.

President Bio congratulated the new minister on his appointment and alerted him that although he was part of the government, he was coming in a different capacity with a stiff task ahead. He said that although the task ahead was a tall order, Dr Kaikai was meticulously chosen because of his experience and what he would bring to the new office.

“It is an uphill task to move Sierra Leone from where it is today to where we want it to be, but we have no doubt in your ability and sense of commitment to duty. So you are welcome to an extremely difficult ministry and I expect you to do all you can and you can always count on me to support you,” he said.

The Minister, on behalf of his family, thanked President Bio for the confidence reposed in him. He recalled that President Bio had given him a task to re-establish Sierra Leone’s relation at the global stage, which he said he had managed to accomplish as best as possible. He noted that he was pleased to come back home to serve in the new capacity and assured of his readiness to support the government.

“From my experience I know planning for the country, making sure that the plans are owned by the people and making sure that economic development is people-centred can be a bit challenging and required a whole change of mind-set. I want to assure you that I will do my utmost best to support your vision. Coming as a standalone ministry, brings lots of challenges but I am committed to the new task,” he ended.

Until his recent appointment, Dr. Kaikai was Sierra Leone’s Permanent Representative to the United Nations Mission in New York, United States. It could also be recalled that he served in different capacities during the country’s transition period from war to peace. Among many other assignments, he served as Director of the National Commission for Reconciliation, Rehabilitation and Reconstruction.

Sierra Leone News: Tourism Minister Takes Radical Promotion to Canada

June 21, 2019

Sierra Leone’s Tourism Minister has taken another robust tourism promotion and investment approach to a new niche Canada.

The Minister of Tourism and Culture Dr. Memunatu Pratt and her team are presently in Ottawa Canada.

Canada is another key tourist generating place that will manage tourism receipts and potentials that could be harnessed with a thorough partnership and cooperative approach.

The delegation arrived safe and ready to fully engage those who matters in society to press the right buttons to push the tourism machine for Sierra Leone.

Day one of the planned trip started with meetings and healthy discussions with major institutions that are key players in the Canada Tourism industry. Canada has 46 natural parks that attract over a billion tourists year from all over the world.

The meeting with Parks Canada started with a general overview from the Minister of Tourism and Cultural Affairs, who made a ground breaking presentation together with her team. During her presentation she made Parks Canada to understand that indeed they are there to learn, partner and have healthy cooperation in any form that will position Sierra Leone in a better footing in Tourism. She also said that Sierra Leone is a safe haven that is awaiting the right investments and healthy win- win partnerships especially for the tourism sector and even others in the country.

Parks Canada on the other hand, made a general expository of their successes and operations over the years, and reasons why they are called Parks Canada, as their contribution to national revenue generation is huge and they oversee 46 national parks that have huge returns on guest capacity and tourists receipt. These presentations were done by almost three experts in their field of operations.

Just after the presentations, the AG. General Manager-National Tourist Board, Madam Fatmata Abe- Osagie, in her statement focussed on the strategic approach in managing parks and enhance revenue generation and how these revenues must be shared with the institutions and government related agencies.

The Minister also presented a case that indeed Sierra Leone needs heathier partnerships and support in training, investment and any other means that aid the sector to position well.

The head of the Parks Canada team assured the team that their doors are opened anytime to see from which angle they could operate if only the Global Economic Institute could make platform for Continuing collaboration as directed to Mr. Fergusson of GEI and Sherry.

This meeting ended with a general tour of the Ottawa Canal built in 1836 and spot view on the Bytowm Museum and water ways.

The next meeting took delegates to the Algonquin tourism and Hospitality University, to understand the dynamics of Tourism training and modern equipment and tourism curriculum planning.

The school has all it takes as a Tourism and hospitality school: a modern Amadeus Ticketing class room with update computers and a real booking system, a modern restaurant and culinary kitchen with recent equipment for students to have first- hand service training and delivery. This was viewed by the team to see how it could be replicated to Sierra Leone.

These meetings were indeed essential for the delegation to understand best industry practices and first- hand experience on the trend of tourism and related issues.

Sierra Leone News: MPs Revoke State of Emergency on Rape

June 21, 2019

The Parliament of Sierra Leone on Wednesday 19^th June 2019 revoked the State of Emergency on Rape in line with the relevant provisions of Act No. 6 of the 1991 Constitution of Sierra Leone.

In light of the above, relative to the revocation of the State of Emergency on Rape, the Leader of Government Business, Hon. Sidie M. Tunis moved that pursuant to Section 29 (13) of the said Constitution; “Parliament revokes the declaration of the State of Public Emergency Regarding Rape and Sexual Violence”, made by President Bio and published in the gazette, dated 19th February 2019 and ratified by Parliament on Friday 22nd February 2019.

Consequently, the Bill entitled “The Sexual Offences Amendment Act 2019” is now before Parliament for consideration.

In another development, the Parliament of Sierra Leone on Wednesday 19^th June 2019 debated and approved the Second Report of its Committee on Appointments and the Public Service, chaired by the Leader of Government Business, Hon. Sidie M. Tunis.

Following his approval, the Speaker of Parliament, Rt. Hon. Dr. Abass Chernor Bundu congratulated Dr. Kaikai on his appointment as the new Minister of Economic Planning and Development and called on him to use his national and international experience for the development of Sierra Leone.

The following presidential nominee were approved by Parliament:

I. Dr. Francis Mustapha Kaikai-Minister of Economic Planning and Development

Members of Parliament who contributed to the motion implored Dr. Kaikai in light of the experience he had gathered over the years both in and out of the country to be used for the development of the country.

Sierra Leone News: WAEC & Africell Launch Electronic Payment System

June 21, 2019

On Thursday 20^th June 2019, the West African Examinations Council in partnership with Africell launched its electronic payment services for both entries and scratch cards at the mobile company’s Siaka Stevens Street Customer Care Centre in Central Freetown, commonly known as ‘ODION’. This system, through the use of Africell Money, will relieve students from the hassles of purchasing scratch cards and registrations for exams.

Speaking during the launching ceremony, the Public Affairs Officer of WAEC, Sallieu M. Kamara, expressed delight in the partnership with Africell, adding that this will reduce the time taken by students to purchase forms and make entries into the up-coming private exams this year and will enable those who have taken exams to get their results on line without having to purchase scratch cards. He stated that initially WAEC started with the system where students obtained forms from WAEC offices, but realised the constraints faced by students as well as parents. They then moved on to the sale of entry cards for the examinations and the sale of scratch cards. This system caused students to lose huge sums of money. With the new system, the Electronic Payment Services, “students can now relax in the comfort of their homes and get a pin for their registration for WASSCE”, the Director said.

Africell’s Chief Corporate Affairs Officer, Joe Abass Bangura, said that this launch is its latest service in partnership with WAEC. He stated that this will allow students to register for examinations and check their results using their Africell Money wallet in their phones. This will save them the time and additional costs incurred to travel to WAEC offices to purchase scratch cards and trek to internet cafes to complete their transactions. He stated that with the service, students with Africell Money will be able to purchase their WAEC Pin directly from their mobile phones at no extra charge. 2 Pins will be offered, one for checking results and the other to register for exams. Follow the steps below:

Step 1: Be registered for Africell Money and have the correct amount in your account.

Step 2: Dial *161£ to access the Africell Money Menu

Step 3: Select option 3: Bill Payment

Step 4: Select option 6: WAEC

Step 5: Select the Pin that you want to buy

Step 6: Confirm your selection by entering your Africell Money Pin.

You will receive your PIN by SMS along with the Transaction information.
This PIN can then be used to access the WAEC platform.

NOTE: THIS SERVICE IS MEANT FOR SUBSCRIBERS ONLY. AGENTS WILL NOT BE ABLE TO PURCHASE TOKENS ON BEHALF OF STUDENTS. THEY WILL NEED TO CASH IN FOR THE STUDENT AND THE STUDENT WILL NEED TO COMPLETE THE TRANSACTION FROM THEIR OWN AFRICELL MONEY ACCOUNT.

Sierra Leone News: Surgeons in Action and Hernia International Doctors undertake free Surgery

June 21, 2019

On Sunday 16^th June, 2019 a team of 10 doctors arrived in Sierra Leone led by Dr. Cesar Ramtrez from Spain to provide free surgical operation to hundreds of Sierra Leoneans. The surgeries are being done under the umbrella of Surgeons in Action and Hernia International and the surgical operation started on the16th of June, 2019 and will run up to the 21^st of June 2019, at the Connaught and Police hospitals in Freetown

Speaking to this medium, Dr. Cesar Ramtrez, leader of the host of Doctors, disclosed that this one week surgical operation in the country is geared towards providing free surgical operation and over 300 kg of medicines and surgical materials worth over fifty thousand dollars to hundreds of Sierra Leoneans.

He further added that the host of Doctors namely; Dr. Teresa Butren, Dr. Jose M Moran, Dr. Hermeunda Pardeuas, and Dr. Guadawre Moreno. Three Anaesthetists; Dr. Sandra Casares, Dr. Beatrice Fort, Dr. Salvatore Catania and two nurses; Francis Gomez and Silvestra Barrena, have been to many other countries including Liberia, Tanzania, Kenya, Nigeria, Ethiopia, South American and Asian countries, where they have been providing free surgical operationss. But this is their first time in Sierra Leone.

He note that we have good doctors who are passionate about their career and ready to learn in order to perform the same operation they are doing, if they are empowered in their career they can do great things

He ended by calling on the government of Sierra Leone to empower more doctors, as he said; our country has good potentials doctors’ good operating theatres, considering other hospitals.

Sierra Leone News: SOCFIN Corporate Tasks are Incredible

June 21, 2019

With all the multi-national companies operating in Sierra Leone respective Sierra Leoneans are still equating which companies that can match the Corporate Social Responsibilities of Socfin Agricultural Company.

Despite the baseless and unfounded attack by Civil Society Organizations against the operation of the Agricultural Company in Sahn-Malen Chiefdom the tireless demonstration by the company should be applauded by the Sierra Leoneans

Before now, little has been said about the potential of the agricultural sector in revenue mobilization for the country as export rate was low. But the involvement of foreign direct investors like Socfin Agricultural Company (SAC) has helped the government to realize huge revenue from the sector through export duties.

The impact of Socfin on the economy was recently captured by the Minister of Finance, Jacob Jusu Saffa’s 2018 Budget Statement and Economic and Financial policies for the Financial year 2019 in the Well of Sierra Leone Parliament on paragraph 19 which states, “…the performance of the external sector improved during the first half of 2018. Total value of exports for the period January to June 2018 is estimated at US$518.8 million. The sharp increase in exports is accounted for primarily by the export of palm oil by SOCFIN Agricultural Company…”

The Corporate Social Responsibilities of the Socfin Agricultural Company is second to none; the Member of Parliament should proffered solution to the company on behalf of his constituents.

The Member of Parliament should know that Socfin was never a fly-by-night company that was established through the back-door, but a legitimate one that went through the nitty-gritty of the laws of Sierra Leone. Any attack on Socfin is a direct attack on the Government and by extension; this could have the tendency to undermine the clarion call for investors.

BELOW ARE SOME OF THE COMPANY’S CORPORATE SOCIAL RESPONSIBILTIES

Going beyond corporate social responsibility, Socfin continues to invest significant amount of United State Dollars in the following sectors.

Agriculture: In order to support the people of Sahn Malen in agriculture, Socfin has been directly involved in the yearly cultivation of 600 acres of boli-land with floating rice varieties for people within the company’s operation, yearly distribution of 800 bushels of seed rice for inland valley swamp cultivation, distribution of 351 bushels of groundnut seeds to 16 groups of women in Malen Chiefdom.

The construction of four fish ponds, one in Kpangba, one in Gboyama, one in Jumbu and one in Senehun, the supply of 135 bundles of fishing nets with their accessories to four fishing communities; Gangama, Hongai, Massao and Kortumahun in Malen Chiefdom are all part of Socfin’s Corporate Social Responsibility.

Health Sector: Providing medical facility in some parts of the country remains a challenge for the Government. People used to walk far distances from the district to major towns for medical services. Seeing this as a challenge, Socfin Agricultural Company has invested lots of money in the rehabilitation and supply of furniture to Niahun Clinic. The reconstruction and electrification of Sengema Health Quarters, Electrification of Sengema, Taninahun and Bendu Clinics has been done single handedly by Socfin.

Supply of Hospital beds to Niahun, Sengema, Taninahun and Bendu Clinics and supply of furniture to Sengema Clinic has also been done by Socfin.

The availability of ambulance services for Malen Community with all expenses paid for by the company. The construction of one facility at Sahn Bemoc Centre and the provision of 24 hours electricity and water supply to the Sahn Bemoc

Education: The 30-35 literacy rate of Sierra Leone is far below other countries in the sub-region. This is because majority of children in Sierra Leone cannot get access to schools within their localities. Changing such a narration requires not only the intervention of Government, but also the private sector. Even before the Proclamation of the Free Quality Education by His Excellency President Julius Maada Bio last year, Socfin has invested enough money in education in the Chiefdom, such as the construction of the new Bendu and Mallay primary schools. Kortumahun primary school, Sinjo primary school, the rehabilitation of Malen Junior secondary school and Kassay primary school, Besides the construction of these schools, the company also provided them with learning materials to facilitate teaching. Also sanitation facilities were provided by the rehabilitating water supply and the development of modern toilet facilities for these schools.

Payment of stipends to 9 teachers who were not on Government payroll and 2 security personnel in Malen Junior Secondary School, one teacher in RC School in Sahn and one teacher in Bendu Primary School.

Payment of scholarship to 220 students; amounting to Le83, 000,000 (Eighty- three Million Leones) for BECE Students with aggregate 25 and below from Malen Junior Secondary School,

Support of transport and feeding to BECE Students taking examination in Pujehun has been done by Socfin.

Support of transport and feeding to NPSE Pupils and their teachers in Socfin’s operational areas that were taking examination in Sahn is part of the company’s CSR.

Other support to education include, the rehabilitation of Malen Junior Staff Quarters, financial support to all schools during the June 16th Day of the African.

Micro Finance: In order to support the growth of small scale/ medium enterprise in the chiefdom, Socfin has been providing micro finance to 102 petty traders in 27 communities in Malen Chiefdom with over 200 Million Leones as seed money.

Water and Sanitation: Socfin has provided water-wells with hand pumps and latrines in all its operational areas which have helped reduce the outbreak of cholera in the chiefdom.

Infrastructure:

The chiefdom that used to be a moribund place with less economic activity has now been the hub for job seekers, not only from the district, but also from other parts of the country.

Sierra Leone News: NRA Boss Talks Tough

June 21, 2019

The National Revenue Authority (NRA) engaged a cross section of the media, print and electronic, on the 19^th June 2019 at their Wellington Street conference hall in order to update them on the strides so far made, reforms that have been rolled out, achievements scored as well as some of the challenges they are grappling with.

Chairing the press conference, Jeneba Bangura who happens to be the Deputy Commissioner General thanked all for leaving their busy schedules to attend, going further to introduce the various Heads of Departments and representatives of the Authority.

In his statement, the Commissioner General of NRA, Dr. Samuel Gibao, disclosed that President Julius Maada Bio appointed him to serve in his current capacity on the 5^th June 2018 to provide leadership for the country’s tax administration.

He highlighted that prior to that he has worked for the NRA before adding that when he was appointed he knew exactly what to do to affect the current reforms they are rolling out.

“After one year, this year, we are meeting the media for the first time with good tidings of a renewed chronicle on account of our leadership of the NRA and I am proud to come back to the media to say we are on the path to situating this institution as a modern public institution of excellence in Sierra Leone,” the Commissioner General underscored.

He noted that in a little over one year they quickly effected an institutional audit and they identified huge challenges of financial constraints with outstanding arrears to suppliers , a grossly understaffed management and officers , office accommodation, procurement bottlenecks and a host of others.

Jibao revealed how the Board, Management and Staff have been committed in stabilizing the situation adding that the conference is meant to showcase their ever increasing revenue collection since they took oversight of the institution.

He informed that the NRA recorded revenue increase by 36% over 2017 in 2018. “The revenue GDP ratio increased by 1.5% which is not only historical but comparable with any high performing revenue collecting country around the world,” he proudly stated, furthering that the IMF and the Government of Sierra Leone are impressed at the level at which the institution is exceeding all the targets set for it over the last one year.

The Commissioner-General pointed out that they have filled out 70% of senior Management positions underscoring the important position of Deputy Commissioner General. He stated how the integrity of the institution has been questioned in many quarters saying they have reconstituted and made effective the disciplinary committee that preside over reported staff corruption cases.

“The relationship between NRA and the Ministry of Finance has improved significantly and this has improved tax administration as well as policy formulation,” Jibao intimated, adding that staff welfare has been enhanced.

Dr. Philip Kargbo, Director of Monitoring, Research and Planning, during a power-point presentation dilated on the NRA reforms that are in progress. He gave a brief background of the NRA and made mention of a new reform called ASYCUDA World which he said replaced the ASYCUDA ++.Dr. Philip highlighted that it is a web-based advance version that comes with many benefits and functionalities

“The ASYCUDA World was rolled out at the main seaport on the 21^st January 2019 and it was done to SALPOST and the Lungi International Airport with the hope that same will be done at Gbalamuya,” he told newsmen and stated that it makes it possible for importers to clear their goods in a faster manner, pointing out how an importer can even be at home and do his transaction without any interface as well as improving transparency.

The Director mentioned another reform which he referred to as ITAS, which he said is a web-based system for domestic tax administration with many benefits to the taxpayer, NRA and the Government. He said this innovation makes it possible for an integrated tax system through which taxpayers can fill and pay taxes online thereby preventing queuing and waste of time. Dr Kargbo stated that data verification is currently underway to update the tax register which will be migrated to ITAS.

He also revealed that they have put in place an Electronic Cash Register (ECR/EFIS), which is an electronic fiscal invoicing device system designed for sales data capture and reporting, very beneficial to revenue generation and enhanced business accounting as well as stock management.

He also recounted other reforms before mentioning their recent achievements, which includes staff capacity building, integrity improvement, improved relationship with stakeholders and financial management.

Dr. Kargbo disclosed that from 1^st January to 31^st May 2019 the NRA raised Le2.229 rtillion,36.5% higher than same period in 2017 and higher than what was collected for the whole first half of 2017 by Le240 billion with June collection yet to come in.

In terms of challenges he mentioned inadequate accommodation, need for an ICT Training Lab, managing multiple reforms concurrently, satisfying Government’s urgent need for revenues, while pursuing medium term reforms concurrently and a challenging economy, including slower economic growth and slow recovery from the iron ore sector.

Questions and answers climaxed the press conference.

Sierra Leone News: Government Urged to Encourage Oil Companies

June 21, 2019

One thing that is very certain is the fact that if pressures in the form of stiff conditions and policies are piled and placed on productive companies that are doing extremely well in this country, especially those that are locally owned, then there is the likelihood that they may either fold up or reorganize at the detriment of some workers who will definitely be shown the exit door or affect the country’s revenue base since payment of taxes will no longer be forthcoming.

At this material time when the country’s legal tender, the Leone, has really depreciated to the dollar many local companies are finding it extremely difficult to operate efficiently and effectively as well as compete with other foreign owned companies producing the same products and services these affected companies are producing.

It may not be said openly but it is implicit that the Sierra Leone Bottling Company Limited, which has been in operation for the past twenty years, recently decided to restructure to such an extent that most of its workers were sacked.

According to the management of the company changes were effected as part of a strategic program designed to ensure the long term sustainability of their business so that they can better serve the people of this country.

At the moment one of the most viable indigenously owned companies that has been doing extremely well in terms of timely service delivery of petroleum products and customer care, the National Petroleum Sierra Leone Limited (NP-SL) is going through trying times. NP SL Limited recorded a massive loss from January to May 2019 to the tune of over Le 96 billion (ninety six billion Leones).

A major factor said to be responsible for this scenario is the fact that there has been a huge difference between the actual price of PLATTS and the average purchase price of USD $ to the Leone when matched against that of the Petroleum Regulatory Agency Pricing Formula.

The NP-SL as a result is currently paying an average of Le9, 000 to $1 (USD) as compared to L8, 600 to $1 (USD) in the PRA Pricing Formula. Another challenge facing NP-SL Limited is volatility and unavailability of US Dollars to effect transactions.

It is so serious that NP-SL Limited currently owes its suppliers over $42M which NP-SL Limited is challenged to honour.

From a thorough research that was conducted over time it was understood that in the past when the industry was faced with some challenges and in order to avoid fuel crisis the Government always steps in to subsidise the prices of petroleum products to ensure that the pump prices are at affordable level to the general populace but for now that is not the case.

What again came out is that if the route is not desirable, the Government increases the pricing regimes to reflect the real market prices of petroleum products in the market, to ensure the industry does not collapse.

As it is right now, Oil Marketing companies are subsidising virtually all sectors in the industry to the detriment of its own survival.

“If the current fiscal regime is not reviewed many companies including NP will go down such a painful and dreadful route,” stated Steven Williams, a Development Consultant, adding that indeed, sound policies must be urgently rolled out to ensure stability.

It was also discovered that the nature of NP-SL’s business is such that NP-SL imports petroleum products in US Dollars, sells in Leones and has to then convert the Leones into US Dollars to continue the buying and selling processes all over again.

Williams maintained how it is regrettable that the company is finding it extremely difficult to purchase US Dollars in the market place currently. It is a fact that over the years, NP-SL received tacit support from the Central Bank even though the amounts normally received were inadequate.

It is recommendable for the Central Bank to develop a mechanism where foreign currency is provided for the oil marketing companies to enable them pay for badly-needed petroleum products.

Of course to promote transparency of goods that are brought into the country and required taxes that must be paid to Government the ASYCUDA digital software was introduced at the Port.

However what we learnt in our investigations was that the method of implementation of the ASYCUDA system has been negative on NP-SL’s speed to market initiatives; the reason why it is recommendable that the relevant authorities build solid capacity amongst their team to ensure seamless flow of products free of interruption and long delay.

The current pricing formula dictates that the pump price of petroleum products be adjusted upwards or downwards periodically as and when the combined effect of the changes in world market prices (quoted in PLATTS) and the exchange rate (measured by the average selling rates quoted by the Oil Marketing Company, commercial banks and Bank of Sierra Leone) cause a +/- 5% change in the Leone-based landed cost of the product (s).

It was noted that prices should be changed upwards or downwards in small increments that will not create panic in the market place. The way it is currently, allows for a big jump at any time which makes it difficult for Government to effect change at the right time.

It may interest readers to note that while a litre of fuel is sold at Le7,000.00 here, in Guinea it is sold at Le9,120.00, in Liberia it is Le9,321.00, Ivory Coast sells at Le9,244.20 and Ghana at Le 9,136.44.

To add salt to injury, NP-SL is further encumbered with other charges that are not provided for in the price build up formula, and these include: Toll Gate fees, ASYCUDA processing fees, Environmental Protection Agency fees, storage fees and other fees imposed by the Petroleum Regulatory Agency.

As it was stated inter alia, the government really need to relax some of its policies, conditions that are being implemented especially those affecting vibrant companies in the country as well as ensuring that economic measures are rolled out in order for the Leone to be weighty instead of continuous depreciation that we have been witnessing.

Failure to take drastic steps to protect locally owned companies will definitely lead to closure or restructuring with dire consequences that could take the form of labour downsizing, no more payment of taxes to government etc.

1...1,0551,0561,057...1,137 Page 1,056 of 1,137