President Julius Maada Bio participated in the inauguration of Ghana’s newly elected President, John Dramani Mahama, on January 7, 2025, at the Black Star Square in Accra. The event was a significant occasion, with thousands of Ghanaians, along with key stakeholders, traditional leaders and Heads of State from across Africa, gathering to celebrate this milestone in Ghana’s democratic journey.
In his inaugural address, President John Dramani Mahama praised the people of Ghana for their unwavering commitment to peaceful elections, reinforcing the country’s reputation as a beacon of democracy in Africa. He called on Ghanaians to unite and work collaboratively toward the nation’s continued development, stressing the importance of national cohesion in overcoming challenges.
President John Dramani Mahama further emphasized the need for unity and peace across the African continent and the sub-region. He urged nations to act as “brother’s keeper” and called for stronger bilateral relations among African countries to promote mutual growth and regional stability.
The newly inaugurated President outlined his key priorities, including strengthening public health systems, tackling corruption and fostering transparency in governance. He committed to addressing these issues with urgency to improve the livelihoods of the Ghanaian people.
In a show of unity and solidarity, the guest of honor, President Bola Ahmed Tinubu of Nigeria, lauded the historic nature of the event and urged President John Dramani Mahama to focus on eradicating poverty and youth unemployment, two critical issues for sustainable development in West Africa. President Bola Ahmed Tinubu also expressed his admiration for the presence of various African leaders, highlighting the collective effort to advance the continent’s shared goals.
The strong bilateral ties between Ghana and Sierra Leone were evident, with President Bio’s attendance underscoring Sierra Leone’s ongoing commitment to supporting democratic governance and fostering deeper ties with fellow African nations. This enduring relationship, built on mutual support during crises and shared development goals, continues to play a pivotal role in strengthening Africa’s political and economic stability.
The inauguration ceremony was a testament to Ghana’s democratic resilience and the collective aspirations of African nations to build a more united and prosperous future for the continent.
NP (SL) Limited has set its position as the leading petroleum marketing company in Sierra Leone, earning both local and international accolades for its exceptional service delivery. Its reputation for excellence is well-deserved, with the company consistently setting benchmarks in customer care and operational transparency.
One of the cornerstones of NP (SL)’s success is its unwavering commitment to customer satisfaction. The company has established itself as a leader in prioritizing customer care, ensuring that all transactions are transparent and customer-friendly. Modern calibrated machines at NP (SL)’s Filling Stations accurately pump and display the exact quantity and price of fuel, instilling trust and confidence among customers.
NP (SL) ensures the timely delivery of petroleum products across the country by ensuring that dealers maintain a fleet of well-maintained tanker vehicles. The company’s rigorous maintenance regime guarantees that these vehicles are roadworthy, thus preventing fuel shortages and enhancing safety.
The premier petroleum marketing company has embraced digitization to streamline petroleum marketing. The NP Smart Card, a cashless payment solution, allows customers to prepay for fuel, facilitating budget management and reducing the need for physical cash.
Building on this, the company recently launched the NP Energy Pass Card, a more advanced cashless platform offering online and offline transactions, real-time SMS notifications and robust security features.
In addition to fuel, NP (SL) markets NP Gas, a safe and efficient cooking solution available in various cylinder sizes. The product is environmentally friendly, emitting fewer dangerous gases and is easily refilled at NP (SL) stations and authorized dealers.
NP (SL) has a longstanding policy of prioritizing employment opportunities for qualified Sierra Leoneans. This aligns with the country’s Local Content Policy, which aims to harness local resources and reduce dependency on external sources. By employing locals, the company supports the economy and helps individuals improve their livelihoods.
The indigenous business entity is deeply involved in Corporate Social Responsibility initiatives, including environmental awareness, community support and institutional assistance. These efforts complement the Government’s development agenda and contribute to the well-being of Sierra Leoneans.
Expanding its footprint beyond Sierra Leone, NP (SL) has established operations in Guinea, Liberia, Ivory Coast and The Gambia. This regional expansion not only creates job opportunities in these countries but also contributes to their economies through tax revenues used for development projects.
NP (SL) Ltd continues to set a high standard in the petroleum sector, driving innovation, supporting local communities and expanding its reach across West Africa. Its dedication to excellence and social responsibility underscores its role as a vital player in the region’s economic development.
Transform your cooking experience with Royal Seasoning from 5 Star Food Industries (SL) Ltd, the brand that’s redefining flavors in Sierra Leone. Proudly made in Sierra Leone, Royal Seasoning is the secret ingredient to elevate every meal, whether you’re preparing a traditional Sierra Leonean dish or an international favorite.
Royal Seasoning cubes come in a variety of delicious flavors, Shrimp, Chicken, Beef, Tomato and Classic, each crafted to perfection. These 12g cubes are designed to meet international culinary standards while being tailored to the tastes of Sierra Leonean households. Add a touch of Royal Seasoning to your Jollof rice, stew or any dish to bring out exceptional taste and versatility.
Royal Seasoning is certified Halal, ensuring that it caters to diverse dietary preferences without compromising on quality. This inclusivity makes it a must-have in every kitchen.
Produced locally at a state-of-the-art facility on 50 Bai Bureh Road, Freetown, Royal Seasoning not only enhances your meals but also supports the local economy. By reducing reliance on imports and creating jobs, 5 Star Food Industries is committed to promoting local agricultural partnerships and sustainable growth.
“Our mission is to enrich the daily lives of Sierra Leoneans with high-quality, affordable products,” says a spokesperson for 5 Star Food Industries. “With Royal Seasoning, we’re celebrating our culinary heritage while driving economic growth.”
Royal Seasoning’s iconic packaging features a chef that stands as a symbol of quality and culinary excellence. The distinctive design ensures it stands out on shelves, making it an easy choice for both home cooks and professional chefs in restaurants and catering businesses.
Join 5 Star Food Industries at their cooking demonstrations and taste-testing events at key retail locations. Experience the versatility of Royal Seasoning, get inspired and see why it’s the preferred choice for enhancing your dishes.
“Food brings people together and with Royal Seasoning, we invite everyone to celebrate Sierra Leone’s rich culinary heritage while supporting local content and strengthening our economy,” adds the spokesperson.
Choose Royal Seasoning and be a part of the culinary revolution in Sierra Leone. Experience the royal touch and elevate your meals to new heights.
For more information, visit 5 Star Food Industries at 50 Bai Bureh Road, Freetown, or call +232 80 888 000.
Royal Seasoning – Proudly Made in Sierra Leone. Support Local Content, Celebrate Local Flavors.
Sierra Leone’s automotive sector is experiencing a remarkable shift with the arrival of CHANGAN, a globally recognized Chinese automobile manufacturer. Established in 1862, CHANGAN has built a reputation for innovation, reliability and quality. Its entrance into Sierra Leone ushers in a new chapter of automotive excellence, bringing vehicles known for their durability, fuel efficiency, affordability, and cutting-edge technology.
Situated at 86 E Sir Samuel Lewis Road, Aberdeen in Freetown, the CHANGAN dealership has quickly become a leading destination for high-quality automobiles. Within just over a year, the showroom has gained prominence, offering a diverse range of vehicles including elegant sedans, versatile SUVs and robust pickups like the Pickup Hunter, catering to a wide range of lifestyles and budgets.
CHANGAN’s vehicles represent a fusion of luxury, practicality, and technological sophistication. They feature advanced technologies such as 2D and 3D cameras, intelligent sensors, and integrated network systems that enhance safety and convenience. The vehicles are designed to offer superior fuel efficiency, making them ideal for both city commutes and long-distance journeys while ensuring high performance at an affordable cost.
The diverse lineup of CHANGAN vehicles is tailored to meet the unique needs of Sierra Leonean drivers:
UNI-K: A premium SUV with a luxurious and comfortable interior.
CS95 Plus: A spacious SUV featuring premium leather interiors, exemplifying elegance.
CS55 Plus: A vehicle designed for convenience, ensuring an enjoyable driving experience.
Hunter: A robust double-cabin pickup, larger and stronger than competitors such as the Toyota Hilux.
CHANGAN Sierra Leone places a strong emphasis on customer satisfaction, offering a three-year warranty, comprehensive maintenance packages, and a dedicated spare parts shop to ensure long-term reliability and peace of mind for vehicle owners.
As one of China’s top four automotive groups and its leading domestic brand, CHANGAN’s 153-year history reflects its unwavering commitment to excellence. The company is also investing heavily in electric vehicles (EVs), with a goal to electrify its entire lineup by 2030, with models like the Changan Eado EV460 and Benni EV leading the way.
CHANGAN operates in 77 countries across the globe, supported by 79 subsidiaries, 34 factories, and over 9,000 sales and service outlets. Its global network of R&D centers in China, Italy, Japan, the UK, the USA, and Germany ensures continuous innovation, guaranteeing that each vehicle meets world-class standards.
The company’s ambitious “Vast Ocean Plan” underscores CHANGAN’s commitment to green, low-carbon development and expanding its global presence. By 2030, the brand aims to surpass $10 billion in overseas investments and achieve 1.2 million global sales annually, further cementing its status as a premier global automotive brand.
Jamil Sheriff, Sales Manager at CHANGAN Sierra Leone, emphasizes the brand’s reliability: “Investing in a CHANGAN vehicle guarantees peace of mind and exceptional quality. Our goal is to provide unmatched value and ensure driver satisfaction and confidence.”
Discover the future of driving with CHANGAN at their showroom located at 86 E Sir Samuel Lewis Road, Aberdeen. For more information, contact them via WhatsApp or call at +232 309 99011, or visit their website at www.changan.sl.com.
QNET, a global wellness and lifestyle company, has donated essential food items to Variety Children and Family Services.
QNET, a global wellness and lifestyle company has donated food essentials such as bags of rice, gallons of oil, packs of assorted drinks, boxes of noodles, packs of water, biscuits and toiletries, to Variety Children and Family Services, a child protection agency in Freetown, Sierra Leone that has been giving refuge to orphans since 2012 This timely donation is part of QNET’s Social Impact activities to celebrate the festive season and support disadvantaged children and youth in Freetown. Similar act of kindness and show of love have been replicated in Liberia, Ghana, Nigeria and other parts of Africa.
QNET’s Regional General Manager for Sub-Saharan Africa, Mr. Biram Fall, said: “For many years, QNET as a company has been consistent with positively affecting the lives of people around the world. And in our own unique way, we always ensure we bring some joy and happiness to those who need it the most, especially during festive periods like Ramadan, Christmas, New Year celebrations and others. The donation to Variety Children and Family Services is in line with our regular practice of supporting the needy and most deprived people in society. This initiative aligns with our company’s philosophy – Raise Yourself to Help Mankind (RYTHM) which aims to enrich the lives of these vulnerable students.”
Accepting the donation on behalf of the Variety Children and Family Services, resident Social Worker for the facility, Mohammed David Sesay expressed gratitude saying – “We are grateful and happy that you are thinking about us, and you have extended a hand of support to us. Our children here are thankful. Your donation will go a long way to make life a lot more bearable to them. You have put smiles on the faces of these children, and we are grateful. We pray that you will be empowered to do more for us and for humanity.”
QNET, through its Corporate Social Responsibility arm, RYTHM Foundation, has been implementing other socially responsible initiatives across Africa such as supporting deaf and blind children, donating to educational foundations, hospitals, orphanages, and government institutions that require corporate support for the advancement of their duties and responsibilities.
###
ABOUT QNET
QNET, a global lifestyle and wellness company, uses a direct selling business model to promote unique products that enable people to take charge of their health, well-being, and lifestyle.
Since 1998, QNET’s innovative products and e-commerce-driven business model have helped build a global community of satisfied customers and microentrepreneurs, who are driven by the mission of RYTHM – Raise Yourself To Help Mankind. Popular product brands offered by QNET include the Bernhard H. Mayer range of luxury watches and jewellery, HomePure range of home care products, the Amezcua wellness range, Physio Radiance personal care range, and QVI branded holiday packages.
QNET proudly exemplifies high industry standards and is a member of numerous Direct Selling Associations worldwide. Its active engagement in several global sports sponsorships including in its role as the official direct selling partner of the Manchester City Football Club (MCFC) and the Confederation of African Football (CAF), highlights the company’s commitment to excellence.
Discover a world of new possibilities with QNET by visiting www.qnet.net
Cowbell, one of the flagship brands marketed by Premium Divine Trading Company Limited, brought joy and excitement to the East End of Freetown with its Family Fun Day event. Held on Tuesday, December 24, 2024, at the BENGOD-JF Kennedy School in Cline Town, the event drew pupils from various schools to a day filled with entertainment, talent showcasing and exciting prizes.
Organized as part of Cowbell’s mission to foster community engagement and promote quality nutrition, the Family Fun Day aimed to provide a platform for pupils to come together, display their talents and enjoy an unforgettable experience. The event featured a variety of activities, including interactive games, talent displays and a quiz competition. Participants enthusiastically competed for prizes, which included Cowbell and Twisco products.
Attendees also had the unique opportunity to sample Cowbell’s wet products, adding a delicious and educational dimension to the day. The highlight of the event was the quiz competition, where winners were celebrated and awarded attractive prizes. The initiative underscored Cowbell’s commitment to enriching the lives of Sierra Leonean families, promoting education and building a sense of community among young people.
Speaking to this medium, Philip Kanu, Assistant Marketing Lead at Premium Divine Trading Limited, explained that the Family Fun Day was organized to reinforce the company’s ongoing efforts to educate the public about healthy eating habits. By showcasing their products, including the nutritious Cowbell range and Twisco, the company aimed to help both current and potential consumers make informed choices for themselves and their families, promoting good nutrition.
Philip Kanu described the event as a laudable initiative, expressing appreciation to participating schools for their support in making it a success. He emphasized the importance of events like this in keeping pupils physically active and fit, aligning with the company’s broader mission of promoting health and well-being among children.
He noted that Premium Divine Trading Limited deemed it essential to organize the Family Fun Day as part of its educational campaigns on the benefits of milk consumption and its contribution to healthy living in Sierra Leone.
Philip Kanu further informed the gathering that Premium Divine Trading Limited is committed to ensuring access to quality food products for everyone. The company has been actively supporting various initiatives to educate the public about healthy eating habits.
He highlighted that Cowbell milk flavors including Coffee, Strawberry, Coconut, Choco-Malt and Cowbell Mocha are produced in Ghana by Promasidor Ghana Limited and exported to several West African countries, including Sierra Leone. Additionally, he mentioned that the company distributes and markets other popular products such as Onga, Twisco, Miksi Chocolate and Coffee and Yumvita an infant cereal with milk that includes wheat, rice and maize.
Philip Kanu also appealed to parents to prioritize purchasing quality food products from Premium Divine Trading Limited, particularly Cowbell milk, as it is enriched with essential nutrients necessary for growth and overall family health.
Joseph Kargbo, a teacher and Games Master at Harvest Academy Primary School, Ross Road, expressed his heartfelt appreciation to Cowbell for organizing the Family Fun Day, which he described as essential for the physical and mental well-being of the pupils.
He highlighted that the event, which brought together pupils from various schools, including his own, was remarkable. Joseph Kargbo emphasized that activities like those play a crucial role in the holistic development of pupils. He noted that during the event, pupils not only had fun but also participated in a quiz competition, which positively impacted their learning experience.
The teacher and Games Master further called on other institutions to emulate Cowbell’s initiative by organizing similar events to support the growth and development of pupils across the country.
Isatu Dumbuya, a parent, also applauded Cowbell for the initiative, expressing her excitement about the event. She shared that this was her first time witnessing a company like Cowbell bringing pupils together for such an enriching experience free of charge.
She remarked that at similar events, parents are often required to pay a fee, but Cowbell had turned the norm around by offering a completely free event. Isatu Dumbuya appreciated that all attendees were treated to samples of Cowbell and Twisco products, while pupils won attractive prizes.
She also commended the company for awarding pupils who excelled in the quiz competition, describing the entire experience as nothing short of amazing.
The Family Fun Day was climaxed by a quiz competition among pupils from various primary schools present relating to general knowledge culminating in the winning of attractive prizes from the company.
The year 2024 was undeniably a challenging one for the average Sierra Leonean. From soaring prices of essential goods to the harsh realities of daily life, the word that most often echoed on the lips of citizens was “hardship.” Terms such as “too expensive,” “corruption,” “untenable and unrealistic” also became part of the national lexicon, reflecting the palpable frustration felt by many. These words mirrored the struggles faced by the general populace as they grappled with rising costs of food, school fees and basic services, while also contending with exploitation from police and medical personnel. For countless citizens, the year seemed to make life feel almost unbearable.
However, it is important to note that 2024 was not all doom and gloom. Amid the adversity, there were several notable achievements. Sierra Leone, for instance, took on the prestigious role of chairing the United Nations Security Council (UNSC) after years of anticipation, marking a significant diplomatic milestone for the country. Furthermore, the nation saw a growing interest from investors across various sectors, with some even signing agreements to invest in key areas of the economy. In addition, the introduction of Town Hall Meetings helped bridge the gap between the Government and the people, bringing greater transparency and engagement. Another remarkable achievement was the harvest of a large-scale farm by the President, which highlighted the potential for growth in Sierra Leone’s agricultural sector.
Security-wise, Sierra Leone remained resilient despite a major threat, the alleged regrouping of fugitives from the failed coup attempt in November 2023. The swift and decisive action of the nation’s security forces ensured that this potential threat was swiftly neutralized and any other security challenges were promptly addressed.
As we step into 2025, the average Sierra Leonean is looking for a marked improvement in their day-to-day realities. President Julius Maada Bio’s New Year’s Day address outlined a series of commitments that have sparked hope among the populace. There is an earnest expectation that the coming year will bring tangible improvements, particularly in areas that directly impact the lives of ordinary citizens. Among the key demands are reliable and sustainable electricity, a significant reduction in the cost of basic foodstuffs and the overhaul of the education system to make it more affordable and accessible. The population is also calling for an end to the exploitation of citizens by police and healthcare workers who charge for services that should be free of charge.
The public is also eager to see a more efficient and just judicial system, the creation of real job opportunities for youth and the timely payment of salaries. The promise of transparent public examination registration and the elimination of exorbitant college fees are other issues that are at the forefront of the nation’s concerns.
President Bio’s speech gave citizens hope that 2025 will not be a repeat of 2024. His assurances to reduce inflation, maintain economic growth despite global challenges and create an enabling environment for job creation have bolstered the public’s optimism. The President’s promise to continue improving the energy sector, with significant investments such as the US$480 million MCC Compact, signals a step in the right direction for energy access and reliability. Additionally, his commitment to doubling down on quality education, investing in teacher training and creating pathways for youth empowerment is a vision that resonates deeply with Sierra Leoneans.
The President’s plans to strengthen the legal and regulatory frameworks for sectors such as agriculture, manufacturing, mining, tourism and services are viewed as crucial to driving economic growth and ensuring shared prosperity. The promise that every Sierra Leonean will have the opportunity to contribute meaningfully to the nation’s development has inspired confidence among the citizenry.
With these assurances in place, there is a widespread belief that President Bio will fulfill the expectations he has set for 2025. Sierra Leoneans are hopeful, not only because of the President’s words, but because they believe he will deliver on the promises made. The year ahead offers a new chapter for the nation, one filled with the potential for progress, prosperity and a brighter future for all.
The One Child for Life Foundation, with generous support from sponsors including Bunting Smith, Christian Lewis, Darius Farelly, KD Union of California, Hillary Solomon, and many others, on December 25th 2024 , hosted its highly anticipated annual Christmas party for children at Coco Mansion, located at 59 Old Signal Hill Road in Freetown. The event brought together children from a wide range of backgrounds, transcending socio-economic status and including orphans, to highlight the inclusive spirit of the celebration.
The Foundation, renowned for its commitment to supporting children through educational scholarships and various forms of assistance, aimed to create a memorable experience for the young attendees. Jackie Solomon, CEO of One Child for Life, spoke passionately about the significance of the event and the organization’s mission.
Jackie Solomon, who continues the work of her late mother, Gloria Solomon, emphasized that the Foundation’s core values of care and support were inspired by her mother’s legacy.
“Every child deserves to be happy, safe, and celebrated,” said Jackie Solomon. “But not all children have the opportunity to experience that. Through initiatives like ‘One Child for Life,’ we are able to make that happen.” She went on to express gratitude for the parents and volunteers whose tireless efforts helped bring the event to life, ensuring its success.
The Christmas celebration featured a hearty meal, small gifts, and festive activities designed to bring joy to the children many of whom might not have otherwise had the chance to receive such treats. “These simple acts of kindness create lasting memories and serve as a reminder of the importance of caring for the younger generation,” Jackie Solomon shared.
Originally planned for 100 children, the event exceeded expectations as a larger number of children arrived. However, organizers ensured that no child was turned away, ensuring that all participants were welcomed and celebrated.
Abioseh V. Sesay, one of the children who attended, thanked the Foundation on behalf of her peers. “We are very happy to be celebrated. Not every time do we get such an opportunity,” she said.
Rebecca Dumbuya, a parent who accompanied her children, expressed her deep appreciation. “We appreciate the Foundation for this wonderful initiative,” she said. “It’s not every parent who has the means to make their children feel as special and celebrated as they do today.”
The party was filled with games, entertainment, food and drinks, providing the children with an exciting day and an opportunity to form new friendships. The event captured the true essence of Christmas; generosity, celebration and inclusivity for all children, regardless of their circumstances.
Jackie Solomon also expressed her heartfelt gratitude to additional sponsors, including Lloydette Brewer, Desiree Spencer-Walter, Lanette Andrews, Fadika Empire, Emmbock, UBSSL and Elvington George, Violeta Zepeda, Sammy Jay, Robbie Fergusson, Richard Harding, Prince Tucker, Poupee, Octavia Johnson, Maria Barrios, Logan Panthier, Lauretta Ekua Darling, Kumba Fofana, Baby Rose and Adama Johnson, whose contributions made the event possible.
The One Child for Life Foundation’s Christmas celebration reaffirmed the organization’s mission to uplift children, providing them with the opportunity to experience joy and a sense of belonging reminding the community that every child deserves to be celebrated.
In his New Year’s Day address on January 1, 2025, President Dr. Julius Maada Bio conveyed a message of hope, gratitude and determination, emphasizing the Government’s commitment to advancing Sierra Leone’s development in 2025.
Opening his address, President Bio expressed his gratitude and optimism as the nation enters the New Year. He reflected on the challenges of the past year, but also highlighted the resilience and unwavering spirit of Sierra Leoneans, from bustling urban centers like Freetown to rural communities such as Falaba and Bonthe.
“This year is a time for bold action,” the President declared, underscoring the importance of turning challenges into opportunities. He reaffirmed his Government’s commitment to implementing the Medium-Term National Development Plan 2024-2030, which aims for irreversible progress through five key game-changing initiatives. These initiatives are expected to foster job creation, support local businesses and drive sustainable economic growth, ensuring a brighter future for all citizens.
As part of the Government’s plan for economic growth, President Bio emphasized the need to reduce inflation and address the global economic challenges impacting Sierra Leone. He assured the public that the Government would continue to manage inflation, maintain stable food and fuel prices and prioritize agricultural productivity and the growth of the mining and manufacturing sectors.
One of the key priorities for 2025, according to the President, is meeting the growing energy demand in Sierra Leone. President Bio highlighted ongoing efforts to improve the nation’s energy mix, including the pursuit of renewable energy partnerships and the significant US$480 million MCC Compact, which aims to enhance energy access and reliability across the country.
The President also addressed the looming threat of climate change, recognizing its impacts on agriculture, water, energy and infrastructure. He outlined Government initiatives to mitigate and adapt to climate change, including strengthening Sierra Leone’s environmental policies and seeking global climate financing to support sustainable development.
In the realm of education, President Bio pledged continued investment in quality education, teacher training and the modernization of schools. He reaffirmed the Government’s commitment to providing educational opportunities for youth, equipping them with skills for future employment and entrepreneurship.
Healthcare also featured prominently in the President’s address. He announced plans to expand access to healthcare services, with a particular focus on maternal and child health, ensuring that every Sierra Leonean can receive the care they need for a healthier future.
President Bio further emphasized the importance of good governance, unity and transparency. He called on all Sierra Leoneans to work together to uphold democracy, resist divisiveness and contribute to the nation’s prosperity. Highlighting the significance of the upcoming Nationwide Population and Housing Census, President Bio stressed that the data collected would be crucial in shaping future development policies and achieving the global Sustainable Development Goals.
Internationally, President Bio emphasized Sierra Leone’s role in fostering global peace and security and expressed hopes for deeper development cooperation, bilateral trade and technical support in 2025.
Concluding his address, President Bio urged all Sierra Leoneans to join hands in building the nation. He reminded citizens that the journey toward sustainable progress is a collective effort and with determination, unity and hard work, Sierra Leone can overcome challenges and achieve transformative success.
“We will make 2025 a year to remember – a year when Sierra Leone’s story of hope and success inspires the world,” he said, wishing all Sierra Leoneans, both at home and abroad, a prosperous New Year.
President Bio extended his best wishes to the people of Sierra Leone: “May this year bring peace to our homes, progress to our communities and prosperity to our nation. May God bless you and may God bless the Republic of Sierra Leone.”
Commerce and Mortgage Bank (SL) Plc is making significant strides under the leadership of its Managing Director, Alex Vincent Studa, focusing on enhancing banking excellence while navigating global challenges. The Bank’s commitment to resilience and innovation is reflected in its impressive financial performance and key achievements over recent years.
The Bank has also demonstrated remarkable growth in total assets, increasing from NLE 449.317 million in 2021 to NLE 583.599 million in 2023. Projections suggested that figure could reach NLE 670.832 million by 2024, marking a projected growth rate of 14.89% year-over-year.
Deposits have also surged significantly, climbing from NLE 231.156 million in 2021 to a projected NLE 411.257 million in 2024, representing an expected growth of 17.92%.
Profitability metrics remain encouraging, with profits after tax rising from NLE 180 million in 2021 to an anticipated NLE 273.675 million in 2024. This consistent growth trend of 6.67% underscores the Bank’s robust financial health.
The Bank’s customer base has expanded dramatically, with the number of accounts opened increasing from 7,236 in 2021 to 11,099 in 2023, reflecting a growth of 39.93%.
On the regulatory front, the Bank has consistently exceeded compliance standards. Its capital adequacy ratio stands at 16.81%, surpassing the regulatory requirement of 15%. Additionally, the Bank remains compliant with cash reserve and liquidity ratios, further strengthening its position.
Commerce and Mortgage Bank (SL) Plc’s commitment to employee growth is evident in its promotion practices. While no promotions occurred in 2022, the Bank promoted 12 staff members in 2023 and an additional 11 in 2024, fostering a culture of excellence and professional development.
Recovery efforts have been a cornerstone of the Bank’s operational focus. In 2021, the Bank achieved a 98.3% recovery rate against a budgeted NLE 36 million. Despite challenges in 2022, the bank rebounded in 2023 with a recovery performance of 72.73% against a budgeted NLE 55 million. For 2024, the bank set an ambitious recovery target of NLE 80 million and has already exceeded expectations with a performance rate of 118.6%.
Financial and Operational Metrics
Total Assets:
2021: NLE 449.317 million
2022: NLE 522.443 million
2023: NLE 583.599 million
2024: Projected at NLE 670.832 million
Deposits:
2021: NLE 231.156 million
2022: NLE 304.773 million
2023: NLE 349.100 million
2024: Projected at NLE 411.257 million
Profit After Tax:
2021: NLE 180.000 million
2022: NLE 212.180 million
2023: NLE 228.000 million
2024: Projected at NLE 273.675 million
Compliance Metrics
Capital Adequacy Ratio: 16.81% (Regulatory requirement: >15%)
Cash Reserve Ratio: Compliant
Aggregate Risk Exposure: Compliant
Single Obligor Limit: 20.07% (Regulatory requirement: <25%)
Overall Liquidity Ratio: Compliant
Commerce and Mortgage Bank (SL) Plc continues to set a benchmark in the Sierra Leonean banking sector through its innovative approaches and commitment to excellence. With a strong financial foundation, robust recovery strategies and a focus on both customer satisfaction and employee recognition, the Bank is well-positioned for sustained growth in the coming years. Under the stewardship of Alex Vincent Studa, the bank is not only overcoming global challenges but also solidifying its role as a leader in the financial services industry in Sierra Leone.
A Year of Reflection and Hope for 2025
By Amin Kef (Ranger)
The year 2024 was undeniably a challenging one for the average Sierra Leonean. From soaring prices of essential goods to the harsh realities of daily life, the word that most often echoed on the lips of citizens was “hardship.” Terms such as “too expensive,” “corruption,” “untenable and unrealistic” also became part of the national lexicon, reflecting the palpable frustration felt by many. These words mirrored the struggles faced by the general populace as they grappled with rising costs of food, school fees and basic services, while also contending with exploitation from police and medical personnel. For countless citizens, the year seemed to make life feel almost unbearable.
However, it is important to note that 2024 was not all doom and gloom. Amid the adversity, there were several notable achievements. Sierra Leone, for instance, took on the prestigious role of chairing the United Nations Security Council (UNSC) after years of anticipation, marking a significant diplomatic milestone for the country. Furthermore, the nation saw a growing interest from investors across various sectors, with some even signing agreements to invest in key areas of the economy. In addition, the introduction of Town Hall Meetings helped bridge the gap between the Government and the people, bringing greater transparency and engagement. Another remarkable achievement was the harvest of a large-scale farm by the President, which highlighted the potential for growth in Sierra Leone’s agricultural sector.
Security-wise, Sierra Leone remained resilient despite a major threat, the alleged regrouping of fugitives from the failed coup attempt in November 2023. The swift and decisive action of the nation’s security forces ensured that this potential threat was swiftly neutralized and any other security challenges were promptly addressed.
As we step into 2025, the average Sierra Leonean is looking for a marked improvement in their day-to-day realities. President Julius Maada Bio’s New Year’s Day address outlined a series of commitments that have sparked hope among the populace. There is an earnest expectation that the coming year will bring tangible improvements, particularly in areas that directly impact the lives of ordinary citizens. Among the key demands are reliable and sustainable electricity, a significant reduction in the cost of basic foodstuffs and the overhaul of the education system to make it more affordable and accessible. The population is also calling for an end to the exploitation of citizens by police and healthcare workers who charge for services that should be free of charge.
The public is also eager to see a more efficient and just judicial system, the creation of real job opportunities for youth and the timely payment of salaries. The promise of transparent public examination registration and the elimination of exorbitant college fees are other issues that are at the forefront of the nation’s concerns.
President Bio’s speech gave citizens hope that 2025 will not be a repeat of 2024. His assurances to reduce inflation, maintain economic growth despite global challenges and create an enabling environment for job creation have bolstered the public’s optimism. The President’s promise to continue improving the energy sector, with significant investments such as the US$480 million MCC Compact, signals a step in the right direction for energy access and reliability. Additionally, his commitment to doubling down on quality education, investing in teacher training and creating pathways for youth empowerment is a vision that resonates deeply with Sierra Leoneans.
The President’s plans to strengthen the legal and regulatory frameworks for sectors such as agriculture, manufacturing, mining, tourism and services are viewed as crucial to driving economic growth and ensuring shared prosperity. The promise that every Sierra Leonean will have the opportunity to contribute meaningfully to the nation’s development has inspired confidence among the citizenry.
With these assurances in place, there is a widespread belief that President Bio will fulfill the expectations he has set for 2025. Sierra Leoneans are hopeful, not only because of the President’s words, but because they believe he will deliver on the promises made. The year ahead offers a new chapter for the nation, one filled with the potential for progress, prosperity and a brighter future for all.