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Sierra Leone News: Computerized Payment System for Tertiary Institutions Initiated

The Ministry of Finance on Friday 12th July 2019 signed the Memorandum of Understanding with universities and teacher training colleges in the country for a computerized payment system for academic, administrative and other staff at an impressive ceremony held at the Ministry’s conference room, George Street in Freetown.

According to the Minister of Finance, Jacob Jusu Saffa, the new payment system would ensure prompt payment of salaries and other allowances for staff of universities and teacher training colleges nationwide as their salaries, transport, medical and leave allowances would be paid directly into their accounts articulating that government wants to effectively manage the payroll, the reason the Ministry of Education was separated into two but lamented that a new Ministry is very difficult to start.

Jacob Jusu Saffa continued to say that universities and teacher training colleges would have to pay other expenses to lecturers and staff asserting that this means no more business as usual adding that signing of the MoU is part of the public expenditure review to sanitize government’s payment control expenditure, that the entire payroll system is being audited and affirmed that the initiative is a signal that more stringent measures would be taken to sanitize the system underscoring that institutions of higher learning are key to government’s human capital development.

The Minister of Finance also revealed that all tertiary institutions are indebted to the National Revenue Authority, that government payroll is over-blotted in all the colleges, especially Njala University, disclosing that the computerized system would soon be rolled out to health workers revealing that the BADEA project and other donors have allocated $68 million to rehabilitate four government schools including the Bo School, Kenema Government Secondary School and the Prince of Wales, two tertiary institutions-Bunumbu Teachers College and the Milton Margai College of Education and Technology in Freetown assuring that government would do more to promote higher education and that the next agenda is to look at the conditions of service of lecturers and other staff.

Dr. Turad Senesie, Deputy Minister of Technical and Higher Education enlightened that the computerized payment system would integrate lecturers and other staff into the national payroll system marking the end of an era when lecturers went without pay for three months and allowances for a year and affirmed that the new scheme would help them to be committed to duty as they would promptly receive their salaries and other allowances.

He further assured that government would deliver on its mandate to provide quality education underscoring that the new payment system would add value to the lives of the beneficiaries disclosing that the beneficiaries would receive alert on their phones that their salaries have been paid into their accounts, reiterated that lecturers would now have time to concentrate on their work and even undertake research work and intimated that government has finally resolved the late payment of salaries and allowances for lecturers.

According to Dr. Turad Senesie, the new payment system is now the global trend.

Head of the Tertiary Education Commission, Professor Aliyagin Algalie revealed that the event is epoch-making and a novelty, that the timely payment of salaries and allowances would end strike actions but reminded heads of universities and teacher training colleges that there is a moratorium on new recruitment and promotions and urged heads to promptly inform the Commission about  replacements.

He also observed the differences in the identity cards and bio- data of some staff members for which an integrated ICT system costing $200 million would be created, disclosed plans for a uniform condition of service for lecturers and other workers aligned to the budget circle and called for tertiary institutions and teacher training colleges to be proactive in responding to the Commission.

The Minister of Technical and Higher Education, Professor Aiah Gbakima said while serving as Vice Chancellor of the University of Sierra Leone from 2005-2019, he experienced the challenges of none-payment of salaries to lecturers and other staff that resulted to strike action and observed that the University of Sierra Leone is not part of the scheme due to late submission of data for which it would not receive its subvention until the information is submitted to the Ministry of Finance.

He also informed his audience that government would pay the salaries of lecturers and other staff of universities and teacher training colleges, Pay as You Earn Tax (PAYE) and cautioned heads of universities and teacher training colleges to notify the Ministry if the need arises as there is a moratorium on new recruitment for which exceptions would be made.

Professor Aiah Gbakima also reminded lecturers to be effective in their work and that punitive action would be taken against defaulters such as withholding of salaries.

 

 

Sierra Leone News: Fatima Maada Bio Graces OAFLAD General Assembly

First Lady of Sierra Leone, Madam Fatima Maada Bio

During the July 8th  – 23rd OAFLAD General Assembly, First Lady of Sierra Leone, Madam Fatima Maada Bio focused on the root causes and her advocacy on early marriage, rape & teenage pregnancy.

Two panel discussions formatted to propel an engaging interaction between some OAFLAD First Ladies and  two partners was held, in the presence of an audience made up of high level government officials and stakeholders —development partners and private sector partners.

Fatima Maada Bio, as a member of the steering committee of OAFLAD was one of the panelists. The core discussion was:

“What are best practices in forging and maintaining mutually accountable partnerships?”

The key contribution / recommendations made by First Lady Fatima Bio: Not because HIV / AIDs is not important, but working on these causes was of immediate interest to the people of Sierra Leone.

First Lady said it is important to align with organizations with similar vision. This she said is important.   For instance, her office is working with UNFPA in Sierra Leone because they have robust programmes in Sierra Leone dealing with issues of mutual interest.

Going round my country, interacting with my people and gathering data from appropriate agencies, Cancer was identified as a major killer. Personally, I work with my people on ground. I interact with them, so I know exactly what their challenges are, then my team design programmes based on the needs of my people.

There is no problem with our partners developing programs, but these should be based on extensive consultation, and not disconnected from the community they wish to implement the programme.

Working with partners: In working with my donor partners and implementing bodies, “trust” is essential. My office will give account of the projects we are responsible for” Once entrusted with a project, our partners should be rest assured, the project will be done judiciously, and our books open to scrutiny.  Lack of accountability is one of the reasons for stunted development in Africa. OAFLAD is committed to utilize and account for the funding given to us judiciously, as we build trust with existing partners, and attract new ones.

Accountability and communication is paramount. Every party must have a clear understanding of their responsibilities, and execute them effectively.

Background

In 2002, First Ladies of Africa came together to form the Organization of African First Ladies against HIV/AIDS (OAFLA), with the objective to be a united voice for Africa’s most susceptible citizens; women and children living with and affected by HIV and AIDS. The umbrella body of African First Ladies has announced a change in their name and mission February this year after being in operation for over 16 years. The new name of the body is Organization of African First Ladies for Development, OAFLAD.

Sierra Leone News: FAO Meets Traditional Leaders on Women’s Land Rights

Cross-section of participants

The Food and Agriculture Organization (FAO) of the United Nations with the International Labour Organization (ILO), in collaboration with the Government of Sierra Leone with support from the Peace Building Fund (PBF), on Thursday 11th July 2019 concluded a 2-days workshop on Gender and Land Rights within the framework of implementing the PBF project on  ‘Creating Peaceful Societies Through Women’s Improved Access to Management of Natural Resources, Land Tenure Rights and Economic Empowerment in Sierra Leone.’

The workshop brought together over 40 stakeholder and traditional authorities from four (4) districts of Bombali (North), Port Loko (North West), Bo (South) and Kenema (East) were the project is being implemented. In attendance were 8 Paramount Chiefs, 16 Section Chiefs and 16 Mamie Queens. In promoting gender equality and peacebuilding in Sierra Leone, sister agency the United Nations Women (UN Women) and the office of the UN Residence coordinator participated in the workshop. The two-day interactive workshop was held at the Golden Tulip Kimbima Hotel, Aberdeen in Freetown.

The FAO Representative in Sierra Leone, in her welcome and opening remark, Dr. Nyabenyi Tipo highlighted that the objectives of the workshop was to enhanced the capacities of  Traditional Authorities (especially Paramount Chiefs, Section Chiefs, and Mamie Queens) to better understand and advocate for the Peace-building Mechanisms and promoting Women’s Land and property rights in their communities.

She also stated that the workshop was to increase knowledge and awareness on global and national principles, policies and practices such the Voluntary Guideline (VGGT), the national land policy existing legal framework for securing land and property rights.

Madam Tipo further explained that the workshop will enhance their skills in Alternative to Dispute Resolution (ADR) mechanisms to address especially land conflict in their various communities. She reminded participants that although FAO is facilitating the workshop it is their responsibility to bring change to society, stating that the PBF project is linked to achieving the Sustainable Development Goals (SDGs) which among others includes, reduce poverty, zero hunger, and gender equality and reduced inequality. She commended the Ministry of Lands, Housing and the Environment for being pivotal in the entire project.

She further revealed that the mapping of lands in some selected chiefdoms in the country has created impact with a lot of advantages and acclaimed the Office of the United Nations Resident Coordinator, Green Scenery, NAMATI, the West Africa Network for Peacebuilding (WANEP) and the Sierra Leone Labor Congress for their support and wished all a successful workshop asserting that participants must take the workshop seriously and be agents of change when they return to their respective communities by championing women’s rights.

The ILO Project Manager, Mr. Paul Mayanja, said it is a privilege for him to meet Paramount Chiefs and Traditional Leaders at the same place and time, that he is pleased to work with FAO on the peace building fund project, underscored that land is critical for development and hoped that at the end of the workshop participants would empower others on how to productively make use of land to improve their lives.

He reiterated that after knowing about land rights, participants should make land more productive as well as create jobs affirming that ILO would work with Paramount Chiefs and Traditional Leaders to make use of land, that the project would visit chiefdoms to work with the people to link markets, create jobs to improve their lives and expressed thanks to FAO for partnering with ILO and other donors to make a difference and create change in Sierra Leone.

The Representative of UN Women, Baindu Massaquoi extoled FAO and ILO for the project, she stated that women have been left behind since the end of the civil war. She recalled that they have worked with female Paramount Chiefs during the 2018 elections to increase their representation in Parliament, protection and prevention of violence against women, women’s empowerment and that they are working with the Ministry of Social Welfare, Gender and Children’s Affairs to implement several treaties and agreements like the UN Security Council Resolution 1324 to protect women against violence.

According to the UN Women Programme Specialist Baindu Massaquoi, UN Women is working to give space to women, she explained that if women own land they would contribute to food security and take good care of their families. She stated that after the civil war, women’s groups advocated for equal representation in governance, to be part of decision-making process and the 30% quota to consolidate peace in the country as 51% of the population are women. Madam Massaquoi appealed to participants to be attentive and ask questions during the workshop for the development of Sierra Leone recalling that after nationwide consultations the Constitutional Review Committee created a whole chapter on women.

Ms. Simonetta Rossi, Peace and Development Advisor, Office of the UN Resident Coordinator articulated that Paramount Chiefs are the right people to discuss land rights, she hoped that the workshop would be useful and that participants would disseminate the information as well as become agents of peace and change to ensure that all have equal access to land and that the United Nations General Assembly is supporting sustainable peace in Sierra Leone to address the causes of violence.

She further dilated on what is real and positive peace, inter-ethnic conflicts, cultural violence and the absence of social services.
Mr. Jobo Samba from the Ministry of Lands gave the history of the National Land Policy that was developed by UNDP and the Government of Sierra Leone, with technical support from FAO and other partners, and approved in November 2016 after nationwide consultations.

He stated that the new policy would help to address the many challenges in the land sector, correct the mistakes of the past, address climate change and food insecurity and equal access to land intimating that the customs and traditions of the people, human dignity, gender equity, transparency and accountability and the challenges women face to access land, were all taken onboard the new policy.

He also disclosed that the main aim of the project is to create peaceful societies in Sierra Leone, commended donors for supporting land reforms in the country, that the level of participants is encouraging. He assured all present that access to land would improve in the future, that the views of participants would be taken onboard to enrich the discussion, which women are discriminated against in the two land tenure systems stressing that government can acquire land anywhere in the country for development purposes for which the owners must be compensated.

Mr. Jombo Samba went on to state that the Ministry is aware of the numerous challenges relating to land including large-scale acquisition of land, weak land administration, conflicting and overlapping land laws and urged participants to utilize the workshop to address the challenges relating to land affecting communities guaranteeing that the Ministry would go the extra-mile to fully implement the National Land Policy and the Voluntary Guidelines on the Responsible Governance of Tenure of Land, Fisheries and Forests (VGGT) according to the country’s national development policy.

He further said that large-scale land investments must be responsible, respect human rights, promote food security, alternative livelihood and protect the environment

Dr. Samuel Mabikke, FAOs Land Tenure Officer, informed participants that this is the first Peace Building project incorporating economic empowerment of women for national cohesion and peaceful resolution asserting that ILO would concentrate on training women in economic empowerment, that the mapping of lands would be scaled-up in some areas informing that the pilot project was implemented in eight chiefdoms and 16 villages according to geographic balance–Bo, Kenema, Port Loko and Bombali.

He also stated that FAO is receiving a lot of requests to map the lands of other districts, that land includes forests and fisheries that the project is supported by the UN Secretary General and is coordinated from New York. Dr. Mabikke emphasized that Sierra Leone is rich in natural resources which, if properly utilized, would benefit the people. He stated that over $200 million worth of rice is imported annually in-spite of the country’s fertile soil, rain and abundance land revealing that over 90% of land is in the provinces and reiterated the need to empower women stressing that traditional leaders are key to peace and stability.

Mr. Joseph Brima, the Assistant FAO Representative in charge of programs commended Paramount Chiefs and traditional leaders, who are the first point of contact in the chiefdom, for attending the workshop and was optimistic that participants learnt a lot during the workshop. He emphasized that one learns every day, especially how to resolve land disputes.

He also appealed to all participants to always consult women whom he referred to as prophetesses with special gifts from God adding that sometimes women give good advice.

Other facilitators were Kadija Isata Jalloh of FAO who dilated on the topic, Securing Women’s Property Right; Past and Current, a Local Perspective; Dr. Isata Mahoi of WANEP, Women’s Land Rights in the Constitution and the National Land Policy; Responsible Management of Natural Resources in the Context of Large-Scale Land Based Investments by Mr. Joseph Rahall, Executive Director of Green Scenery and Community Land Protection-Putting the Power of Law in the Hands of the People by Mr. Daniel Sesay, Senior Program Officer, NAMATI.

Umaru Samai, Programs and Advocacy Associate, UN Women urged participants not to discriminate against women as well as advocate for their rights. Mr. Samai from UN Women together with Mr. Joseph Brima (FAO) decorated participants with the badge as he/she Ambassadors as advocates and champions for women’s rights.

Highlights of the workshop were the screening of the VGGT footage, the question and answer session, decoration of participants with the he/she badge as Ambassadors with the pledge that they would promote women’s rights and gender equality in their communities.

 

Sierra Leone News: Attorney General & Justice Minister Showcase LAB at UN

Attorney General and Minister of Justice, Dr. Priscilla Schwartz has showcased the work of the Legal Aid Board at the side event at the UN Secretariat in New York on Monday, 15 July 2019.

Dr. Schwartz said the Board has been one of the key institutions in implementing SD Goal 16. She underlined the remarkable successes of the Board in providing justice services to people especially those in remote communities that have little access to the Criminal Justice System. She noted that 215,000 people including non-Sierra Leoneans have benefitted from the Scheme from its inception in May 2015 to December 2018.

A five minutes video showcasing the work of the Board and the Ministry of Basic and Secondary Education was also shown at the side event. The video shows the work of the Board in Pujehun District where a lot has been achieved by Paralegal Kakpama Lansana in promoting peaceful coexistence through mediation, provision of advice and legal assistance to those accessing both the formal and informal justice system and vigorously monitoring the police and the informal courts to ensure they carry out their mandates in a manner consistent with the law and also ensure rights are respected.

Carlton-Hanciles hailed the side event as a huge success for the Legal Aid Board. ‘People out here know a lot more about the Board than some had thought,’ she said, adding ‘People are following us on social media and are very pleased with what we are doing. Even our work with the entertainment industry to organized a Peace and Human Rights Festival in November, to build an inclusive society, is being followed closely.’

The Attorney General, Chairperson of the Legal Aid Board, Justice Miatta Samba and the Executive Director of the Board, Ms. Fatmata Claire Carlton-Hanciles are part of Sierra Leone’s delegation to the UN High Level Political Forum (HLPF) where the country will be presenting the Voluntary National Review (VNR) report on the progress in implementing the Sustainable Development Goals (SDGs).

 

 

Sierra Leone News: As Media Owners Encouraged to Sign Up: Africell Life Insurance Gains Momentum

rpt

Sierra Leone’s leading mobile operator, Africell has on Tuesday 16th July, 2019 engaged media owners in order for them to insure their staff at Africell American Corner Bathurst Street Freetown.

Speaking at the event, Victoria Mamah, Africell Life Insurance Product Manager disclosed that Le50,000 per head is the policy for the life insurance and the that the beneficiary is eligible to claim USD 1,000 following the policy-holder’s death.

She said the beneficiary has one month after the policy-holder’s death to submit the claim and that he/she should provide the following documents:

Official Death Certificate and must provide the policy-holder’s telephone number linked with the Africell life insurance.

She added that furthermore, the policy-holder can change the beneficiary at any time during the life of the policy for an administration charge of Le5,000 or free of charge when the policy is being renewed.

She said that the loss of a breadwinner can bring severe financial hardship, which can affect the whole family, adding that Africell’s mobile insurance is available to all Africell subscribers and provides financial security when it is most needed.

John Konteh, Station Manager AiRadio-Africell, said the eligibility for the Africell life insurance is that applicants must be between 18-45 years old and he/she should be an Africell subscriber registered with Africell money and that the person should provide approved/valid identification and Le50,000 must be in his/her Africell money wallet.

He concluded by saying that no blood test or medical examination and no extra or hidden expenses make it quick and easy to set up as your insurance cover starts once your application is validated by Africell.

He added that you can subscribe to this policy by downloading the app via Google playstore or contact any of their agents or visit any of their customer’s service centres.

Sierra Leone News: As Truly Multinational Company… With NP-SL: Customers Need Not Grumble

National Petroleum (NP) SL Limited

Operating at the highest international service delivery standard, National Petroleum NP customers have never had cause to grumble about sub-standard products or shoddy service at its outlets.

Being Sierra Leone’s leading and longest serving oil marketing company, the National Petroleum (NP) SL Limited continues to weather the storm gallantly as it endeavours to give optimum satisfaction to its esteemed customers across the country as well as in neighbouring Liberia, Guinea, Ivory Coast and The Gambia where it also operates – a truly multinational Sierra Leone giant.

Number one for customer care, NP’s management is aware that paying maximum attention to customer care is key to its viability and sustainability in a highly competitive market.

Since its establishment, NP has been meaningfully contributing to economic growth through payment of taxes and rolling out meaningful interventions in the discharge of Corporate Social Responsibility that are transforming lives and improving communities.

The company always ensures that petroleum products are always available, thereby preventing shortages that could create shocks in many quarters. The level of confidence which overseas business partners have reposed in the company has made it possible for it to enter into payment agreements thereby keeping the demand and supply chain open and running.

The company has gained reputation for offering a variety of managerial and technical jobs to Sierra Leoneans throughout the countries it operates; thereby helping in improve standards of living.

NP-SL giving preference to employing Sierra Leoneans is clear indication that it adheres to the country’s Local Content Policy.

Utilizing local talents make it possible for indigenes to acquire useful knowledge and skills through training courses that could be applicable in other places.

In addition, the company sells the best cooking gas that is available in hundreds of outlets across the country, thereby contributing to creating cleaner environments, thus aiding the work of EPA.

In this digital age, moving away from the traditional way of transacting business has now become the norm. As such, NP introduced the use of smart cards with which customers can procure any quantity of petroleum products easily.

“Using NP smart card always makes transactions very easy and convenient for me,” Gibril Koroma, an engineer informed.

The public’s recognition of the invaluable contributions of NP both to its numerous esteemed customers across the country and to national development has seen it bag meritorious awards from different organisations.

The latest was “Best Company of the Year” received on 6th July 2019 during the National Business Award 2018/2019.

 

Sierra Leone News: As It Bags More Awards… Rokel Bank Boosts Milton Margai College

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 of 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.

The mini Amphitheatre at MMCET Congo Cross

Mariama Jajua receiving one of the awards as Most Outstanding professional

At a ceremony held at the Campus’s multipurpose hall, the Principal of the college, Dr. Philip Kanu described the gesture as first of its kind from a financial institution in Sierra Leone. What makes the donation particularly unique, according to Dr. Kanu is the fact that the college has no operational account with the bank. “This is what we refer to as a friend indeed…. they come to help you even when you had not given them anything…” Dr. Kanu went on to commend the leadership of Rokel Commercial Bank over what he described as the “jet-speed transformation” of the bank in recent times. He cautioned the students to take good care of the facilities and said the administration would not tolerate any act of indiscipline that would lead to the vandalization of the new structures.

Rokel Commercial Bank Managing Director, Dr. Walton Gilpin was philosophical in his admonition to the students who were left in awe at his superlative oratory skills, “We are setting our footprints on the sands of time…we believe there’s an opportunity for young people in Sierra Leone…you got to excite yourself with the challenge so we can change the story line…everyone has a role to play in life. If you don’t do anything you are missing your mark” Another notable speaker at the ceremony was the Technical Education, Dr. Victor Massaquoi who advised the students to use the facilities mainly for academic exercises like mini seminars and a rendezvous for strategic discussions.

In another development, the Rokel Bank MD was among several distinguished Africans to receive the 2019 African Achievers Awards for Excellence in Banking and Financial Administration in London last week.  The event has consistently honored great Africans in leadership, young achievers, community builders to captains of industries across the continent. The Awards ceremony has been established as one of the biggest gatherings of influential and global African achievers on the continent. FORBES Magazine has rated the awards as one of the Most Reputable Awards for African achievers across the globe. The award came on the heels of five local awards (Best Brand, Best Employer, Best CEO, and Most Outstanding Professional to two of the bank’s employees, Mariama Jajua and Margaret Davies) from the African Consulting Group last week.   

Sierra Leone News: ‘Transform Freetown’ goes to the United Nations 

Mayor Yvonne Aki-Sawyerr

Mayor Yvonne Aki-Sawyerr few days ago made a presentation at the Voluntary National Review (VNR) Lab on peacebuilding and sustaining peace through the 2030 Agenda for Sustainable Development.

The VNR Lab is convened on the margins of the High-level Political Forum to provide a platform for participants to share experiences and reflections on implementing measures to improve the condition of the poorest and most vulnerable people. Sharing challenges in mobilizing resources, policy making, data collection and building partnerships to create societies that leave no one behind was also part of the agenda.

In Mayor Aki-Sawyerr’s presentation she highlighted the alignment of the Transform Freetown agenda to the Sustainable Development Goals.  She explained how the inclusive process adopted in developing the Transform Freetown targets and initiatives as well as the targets and initiatives themselves contribute to strengthening community ownership and the improvement of the lives of Freetown’s residents. She said these are important elements in sustaining peace. Mayor Aki-Sawyerr also shared examples of digital innovation that are being used by Freetown City Council in the implementation of #Transform Freetown.

 

Sierra Leone News: Off-grid electrification project in the sub-region gets US $150m

US $150m has been approved by World Bank and the Clean Technology Funds (CTF) for the implementation of the Off-grid electrification project (ROGEP) which will facilitate access to electricity in 19 African.

ROGEP is an off-grid solar electrification project that will be implemented in West and Central Africa. The beneficiary countries of the programme are Benin, Burkina Faso, Cape Verde, Cameroon, Central African Republic, Chad, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone and Togo. The completion of this project is expected to provide electricity to approximately 1.7 million people.

The ROGEP project will be under West African Development Bank (BOAD). Part of the amount corresponds to a line of credit with a fixed limit of US $140m, the other part represents a grant of US $10m from the International Development Association (IDA), a structure of the World Bank.

To finance this revival, CTF is also providing US $74.7m in funding, including US $7.5m in grants. The project is based on two main axes. It will facilitate the development of the regional autonomous solar market, on the one hand, and improve access to financing for companies operating autonomous solar systems, on the other.

Moreover, practically the project will make it possible to detect the barriers that affect the autonomous solar market and raise awareness among policy makers so that they can remove them. It will also provide a framework for the development of regional quality assurance standards for solar equipment, while allowing beneficiary countries to adopt a common external tariff, which will facilitate cross-border trade in autonomous solar products.

 

Sierra Leone News: Macroeconomic situation remains challenging in Sierra Leone

Unlocking the bottlenecks to robust and sustained real growth through economic diversification and addressing pre-existing macroeconomic weaknesses will be crucial for building a resilient economy that promotes inclusive growth and reduces poverty, according to the new World Bank Sierra Leone Economic Update (SLEU).

The country’s macroeconomic situation remains challenging despite the bold and courageous policy measures taken by the new government.

Growth is still low (3.7%), inflation and exchange rate depreciation are high (16.8 and 11.8% respectively), the fiscal and current deficits are high (6.6 and 13.8%, respectively), and increasing debt has resulted in the country being downgraded from moderate to high risk of debt distress.

However, the medium-term outlook is promising, with growth expected to reach 5.2%t by 2021, driven primarily by supply side factors, including favourable agricultural output, uptick in mining activities and strong performance of the services sector, the report noted.

“There is an urgent need for Sierra Leone to develop a comprehensive strategy for deepening the financial sector and this is required to ensure poverty reduction, job creation, investment and growth in the country,” said Gayle Martin, World Bank Country Manager for Sierra Leone.

The Sierra Leone Economic Update (SLEU) is an annual publication that reports on and analyzes recent economic developments, reviews regional and global contexts and analyzes the implications for the country, and presents the medium-term outlook and prospects for the economy.

The 2019 Update features a selected topic relevant to promoting inclusive growth and poverty reduction, namely Financial Inclusion for Economic Growth and Development. The target audience for the SLEU includes policy makers, business leaders, development partners and analysts interested in Sierra Leone’s economy. Sierra Leone’s macroeconomic situation remains challenging despite the bold and courageous policy measures taken by the new Government, which assumed office just over a year ago.

Macroeconomic imbalances remain in both the fiscal and external accounts. Growth is still low (3.7 percent); inflation and exchange rate depreciation are high (16.8 and 7.3 percent, respectively); the fiscal and current deficits are high (6.6 and 13.8 percent, respectively) and increasing debt has resulted in the country being downgraded from moderate to high risk of debt distress.

Unlocking the bottlenecks to robust and sustained real economic growth through economic diversification and addressing pre-existing macroeconomic weaknesses will be crucial for building a resilient economy that promotes inclusive growth and reduces poverty. The medium-term outlook is promising, with economic growth expected to reach 5.2 percent by 2021, anchored primarily by supply side factors, including favorable agricultural output, uptick in mining activities and strong performance of the services sector.

The special topic of the 2019 Update focuses on deepening the financial sector for inclusive economic growth and development. Usage of the financial system is low in Sierra Leone with only about 5 percent of adults using formal savings products and about 54 percent saving money within the past year. Access to finance for enterprises is a significant barrier to growth of the private sector with 40 percent of firms indicating lack of credit as their biggest constraint. Only 11 percent of Sierra Leoneans have mobile money accounts compared to 20.8 percent in Liberia, 38.9 in Ghana and 72.9 percent in Kenya.

The government plays a significant role in the financial sector and could spur financial sector development by creating the financial infrastructure to provide financial services to underserved populations. Bolstering the role of Digital Financial Services in Sierra Leone is critical to ensuring affordable and accessible financial services through, for instance, mobile phones.

We are pleased to present a rich menu of policy options in this second edition of the SLEU. It is my hope that this 2019 Update will inform and stimulate policy debate and help set an agenda for prioritizing financial sector development in Sierra Leone. Henry G. R. Kerali Country Director for Ghana, Liberia and Sierra Leone World Bank 6 Acknowledgements The Sierra Leone Economic Update is a product of the Macroeconomics, Trade and Investment Global Practice of the World Bank. The first part of the report was prepared by Youssouf Kiendrebeogo (Senior Economist and co-TTL, GMTA3) and Kemoh Mansaray (Senior Economist and co-TTL, GMTA3).

The second part was prepared by a team of the Finance, Competitiveness & Innovation Global Practice led by Rinku Chandra (Lead Financial Sector Specialist, GFCAS), including Nicholas Timothy Smith (Financial Sector Specialist, GFCAS), Anita M. Schwarz (Lead Economist, GSP08), Franz Joseph Le Lesle (Consultant, GFCAE) and Alari Hasanatu Ijileyoh Mahdi (Consultant, GFCAS). The Report was prepared under the overall guidance of Abebe Adugna (Practice Manager, GMTA3), Gayle Martin (Country Manager, AFMSL), Henry G. R. Kerali (Country Director, AFCW1), and Errol George Graham (Program Leader, AFCW1). The report benefited from useful comments and suggestions from the following peer reviewers: Max Rudibert Steinbach (Senior Economist, GMTPG), Mamadou Ndione (Senior Economist, GMTN1) and Cedric Mousset (Lead Financial Sector Specialist, GFCFS). The team also acknowledges constructive comments received from Harish Harish Natarajan (Lead Financial Sector Specialist, GFCFI). Fatu Karim-Turay (Executive Assistant, AFMSL), Lydie Ahodehou (Program Assistant, GMTA3), and Karima Laouali Ladjo (Program Assistant, GMTA3) provided relentless administrative support. The team would like to thank the Sierra Leone authorities for their hospitality and fruitful collaboration.

Key risks to the growth outlook

Key risks to the growth outlook include a deterioration in Sierra Leone’s terms of trade; lower than anticipated FDI inflows and the effects on the exchange rate and prices; fiscal slippages including adverse debt dynamics; and financial sector weaknesses.

“Whether Sierra Leone can promote sustained inclusive growth and reduce poverty depends on whether it can modify the structure of the economy to generate more and better-paid manufacturing and service jobs. That could be accomplished by facilitating creation by the private sector of formal manufacturing and services activities and increasing the productivity of the informal sector,” stated Martin.

The SLEU is an annual publication that reports on and analyses recent economic developments, reviews regional and global contexts and analyses the implications for the country, and presents the medium-term outlook and prospects for the economy.

The 2019 Update focuses on promoting inclusive growth and poverty reduction, namely ‘Financial Inclusion for Economic Growth and Development’.

The target audience for the SLEU includes policy makers, business leaders, development partners and analysts interested in Sierra Leone’s economy.

Inclusive economic growth

The special topic of the 2019 Update focuses on deepening the financial sector for inclusive economic growth and development.

The report notes that usage of the financial system is low in Sierra Leone with only about 5% of adults using formal savings products and about 54% saving money within the past year.

Access to finance for enterprises is a significant barrier to growth of the private sector with 40% of firms indicating lack of credit as their biggest constraint.

Only 11% of Sierra Leoneans have mobile money accounts compared to 20.8% in Liberia, 38.9 in Ghana and 72.9% in Kenya.

“The government plays a key role in developing the financial sector through promoting resilience and stability. One of the key functions that needs to be established is an effective supervision and regulatory regime for financial institutions to address market failures like anti-competitive behaviour, market misconduct, information asymmetries, and systemic instability, which can negatively impact financial sector development, economic growth, and shared prosperity,” said Youssouf Kiendrebeogo, World Bank Senior Economist and one of the authors of the SLEU.

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