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IMF Fifth Review Reveals Current Economic Status of Sierra Leone

July 1, 2022

By Amin Kef-Ranger

In the fifth review by the IMF Executive Board under the Extended Credit Facility arrangement on the 27^th June,2022 it was highlighted that Sierra Leone’s economic recovery from the Corona Virus pandemic has been set back by the impact of the war in Ukraine and the medium-term outlook remains challenging.

It was further indicated that successive external shocks have contributed towards mixed performance under the Extended Credit Facility (ECF) arrangement but that the authorities have committed to strong corrective actions to bring the fiscal situation under control.

The IMF Executive Board decision allows for an immediate disbursement of about US$20.8 million to Sierra Leone to help meet its budgetary financing needs, including supporting social spending.

This brings Sierra Leone’s total disbursements under the arrangement to SDR 93.33 million (about US$124.8 million).

In completing the fifth review, the Executive Board also approved the authorities’ request for waivers for nonobservance of performance criteria pertaining to net credit to the Government at the end of December 2021 and for the introduction of a multiple currency practice and exchange restriction, based on corrective actions taken by the authorities.

It must be noted that Sierra Leone’s 43-month ECF arrangement was approved on November 30, 2018 for SDR 124.44 million (about US$172.1 million at that time or around 60 percent of the country’s quota), and extended by 12 months on July 27, 2021. The program aims to reduce inflation, mobilize revenue to allow for necessary spending consistent with debt sustainability, safeguard financial stability, and maintain external resilience to shocks.

Sierra Leone, it was stated, continues to pursue its development path amidst continued vulnerability to shocks and capacity needs. Growth is estimated to have recovered moderately in 2021 (about 3 percent) following the COVID shock and is projected to increase to 3½ percent in 2022, reflecting higher iron ore production.

It was said, however, such is a downward revision relative to the 3 ^rd/4^th review, reflecting a deterioration of the terms of trade and increased uncertainty about global economic prospects.

Inflation, according to the review, has been on a rising trend since mid-2021 due to higher international fuel and food prices, and is expected to average about 22 percent this year, exacerbating already-high levels of food insecurity.

Also observed was that the drawdown on reserves to service debt and facilitate food and fuel imports will exert additional pressure on the country’s external position. Fiscal space, it was stated, is extremely tight.

Exogenous shocks, much-needed additional priority spending in response to social pressures and stability concerns, and challenges in commitment controls undermined fiscal performance in 2021, requiring a revised 2022 budget and strengthened public financial management. Sierra Leone remains at high risk of debt distress.

It was indicated that over the medium term, the war in Ukraine, and concerns about global growth pose renewed challenges for the outlook. Further increases in already-high fuel, food and fertilizer prices could deteriorate budget and external balances, put debt sustainability at risk, increase costs for businesses, prolong fuel subsidies, and stoke social tensions.

A sharper-than-expected slowdown in China’s growth would negatively impact the iron ore price. Future strains of the COVID-19 virus, other health and climate shocks could reduce global growth prospects, exacerbate supply bottlenecks, and increase inflation, while further waves of COVID cases or other health challenges could increase pressures on the health system and spending. Expenditure pressures could also arise due to general elections in 2023.

At the conclusion of the Executive Board’s discussion, Okamura, Deputy Managing Director and Acting Chair made the following statement:

“Sierra Leone has taken decisive steps to respond to the COVID-19 crisis and remains committed to pursuing development objectives. The nascent recovery has been severely impacted by spillovers from the war in Ukraine and higher inflation, which has exacerbated the already-limited fiscal space, increased debt, and reduced external buffers. Strong efforts to support macroeconomic stability, together with growth-enhancing reforms, would help to ease fiscal and external pressures and facilitate the achievement of the authorities’ development objectives.

“The authorities’ revised 2022 budget appropriately balances supporting the recovery, addressing development needs and reducing debt vulnerabilities. Revenue mobilization measures, including development of a Medium-Term Revenue Strategy, and measures to contain expenditure are important elements of the consolidation plan. Steps to strengthen expenditure controls, improve budgeting processes, and the adoption of a debt anchor would facilitate debt reduction. Continued reliance on concessional and grant financing and measures to develop domestic debt markets would help to reduce the risk of debt distress.

“Further monetary tightening may be needed, given rising inflation. Efforts to enhance the monetary policy framework and improving communication would help to strengthen policy transmission. Sierra Leone’s external position remains weak and exchange rate flexibility and foreign exchange market reforms would be important elements of the response to the terms of trade shock.

“Ensuring financial sector stability will require addressing rising NPLs, improving bank supervision and regulation, and strengthening the corporate governance of the two state-owned banks. Measures to reduce rising rollover risks and mitigate the sovereign-bank nexus are also important. The authorities are focused on enhancing AML/CFT implementation.

“Sustained efforts to strengthen governance will be essential, to reduce vulnerabilities to corruption, foster private sector development and growth, and ensure more effective delivery of public services. Ensuring the financial and operational independence of the supreme audit institution is a priority. Continued progress on human capital development, climate adaptation, and expansion of social-safety nets would be welcome.”

Education is Not a Privilege; It is a Fundamental Human Right -President Bio tells World Leaders

July 1, 2022

By Elisha Harding

In his opening remark during the segment consisting of Ministerial and Stakeholder engagement President Julius Maada Bio, serving in the capacity as Co-Chair of the Sustainable Development Goal-4 (SDG4) High-Level Steering Committee, stated that education is not a privilege but a fundamental human right.

The Transforming Education Pre‐Summit was organized in Paris on the 28‐30 June 2022. On the 28th June, which was a Global Engagement Day, with technical meetings on Thematic Action Tracks and engagements with key stakeholders, it was Co-Chaired by the Minister of Basic and Senior Secondary Education, Dr. Moinina David Sengeh.

“The COVID-19 pandemic and the current global economic crises have further amplified the severe education funding gap. We must therefore use this Pre-Summit strategically to rally all forces behind the call for inclusive quality education and lifelong learning for all. We do so because education is not a privilege; it is a fundamental human right,” President Bio said.

The President called on all to collectively advocate that education is not a cost but an investment in the sustainable future of their societies, children, and the planet, adding that the cost of inaction is simply not acceptable and they must therefore take affirmative responsibility by taking resolute action for education.

“We must stay focused on using the opportunity offered by the Transforming Education Summit to position education at the top of the political agenda of member States. We can do so with concrete commitments supported by strong political will at the highest levels,” he said.

As Co-Chair of the SDG4 High-Level Steering Committee, President Bio assured all that the Steering Committee stands ready to fully support, monitor, and carry forward the impetus created by the Summit.

According to President Bio, the most vulnerable, most marginalized, and most disadvantaged learners count on education stakeholders to deliver on implementing SDG 4 by 2030, so it is their collective responsibility to call for immediate and bold action towards that end.

He said education is a driving force for sustainable development, noting that it is a powerful lever for responding to some of the most pressing challenges faced by humanity including climate change, migration, youth unemployment, healthcare, and peaceful and just societies.

The President maintained how it is also a cross-cutting accelerator for the advancement of all the other SDGs, noting that any integrated, holistic, multi-sectoral approach to sustainable development must include education.

“The HLSC’s Urgent Call for Action is a call to Heads of State and Government to invest in and transform education as the clearest pathway to our shared goals of peace, prosperity, sustainability, and building resilience,” he said.

The overall objective of the Pre‐Summit was to harness the evolving discussions on transforming education, elaborate initial content and establish a shared vision and suggested actions for the Summit as well as generate greater momentum in the lead up to September.

Government Disburses USD 1.2 Million as School Grants to 5,058 Public Schools

July 1, 2022

Minister of Basic & Senior Secondary Education (MBSSE)

By Amin Kef-Ranger

The Government of Sierra Leone, through the Ministry of Basic & Senior Secondary Education (MBSSE) has disbursed the sum of Fifteen Billion Seven Hundred and Twenty-Nine Million and Two Thousand Leones (Le 15,729,002,000) as school grants directly to 5,058 public schools running a full cycle primary education from classes 1 through 6.

It was learnt that the grants, based on data collected in March 2022, were disbursed on the 15th June 2022 as Performance Based Financing for Term 2 of the 2021/22 academic year, and are disbursed to improve various components of quality education at the school level.

According to the Education Ministry, the Government of Sierra Leone currently provides large scale support, including provision of teaching and learning materials, and financing (fee subsidies) to ‘Government’ and ‘Government-Assisted’ schools at all levels.

It was mentioned that, however, those resources are not always adequate to cover all the expenses and needs of beneficiary schools and ‘unapproved’ schools do not currently receive such mainstream Government financial support.

Stated was that it is worth noting that the Performance-Based Financing (PBF) school grants are innovative additional resource-support packages to schools that amplify specific learning and administrative outcomes. The size of the support is dependent strictly on performance metrics – the school gets more of the standard PBF grant if it improves student attendance, retention and progression and improves teaching and learning outcomes.

Schools with special needs and circumstances (i.e., unapproved or small schools, schools in poor communities, or schools with students with disabilities) also receive extra funds.

Guidelines for the use of PBF Grants are available in the PBF Manual on which all School Management Committees (SMCs) and Head Teachers have been trained. Parts of the resources could be used for payment of stipends to community and volunteer teachers, payment of staff bonuses based on performance, and supporting school operations.

The MBSSE said ,as part of the project implementation, it has received technical assistance under the Free Education Project from the Directorate of Science, Technology and Innovations (DSTI) to introduce the Open ‘Government to Person’ (G2P) framework to accelerate cash transfers to the schools.

That platform integrates the data collection on the schools’ performances on the PBF indicators, calculation of the grants, and transfer of funds to the schools’ accounts in real time in a secure manner.

It must also be noted that the Government of Sierra Leone Free Education Project / Multi-Donor Trust Fund is implemented by the Ministry of Basic and Senior Secondary Education through the Free Education Project Secretariat and is supported by the World Bank (IDA), European Union, Irish Aid, Foreign Commonwealth Development Office, and the Global Partnership for Education.

Already, as a pilot from the collaboration between MBSSE, DSTI and the Sierra Leone Commercial Bank, One Hundred and Fifty-Seven Million Seven Hundred and Sixty-Six Thousand Five Hundred and Ten Leones (Le157,766,510) of the total amount was transferred to 58 out of the 5058 school accounts using the (G2P) payment mechanism.

It is expected that the automation and digitization will provide rigor, transparency and efficiency to the system when scaled in the future.

SLAJ President Enjoins Educated Women to Actively Participate in National Politics

July 1, 2022

Ahmed Sahid Nasralla, President (SLAJ).png

By Amin Kef-Ranger

Ahmed Sahid Nasralla, President of the Sierra Leone Association of Journalists (SLAJ),has called on educated women to enter into active politics so that they could influence and address certain national issues including gender equality.

He made that clarion call during the launching of a manual to guide female aspirants in the upcoming public elections 2023 by SEND Sierra Leone and partners at Radisson Blu last week.

The SLAJ President commended the significant gains made in empowering rural women but underscored how the political situation in the country will remain the same if educated women decide to remain in the civil society and professional spaces only.

“Now, more than ever before, our country needs quality representation. Women should not only focus on increasing their numbers but priority should be given to quality representation and that is where our educated women come in. Get into active politics and influence the changes that you desire for women and girls and for the public in general. You should not wait for the men to win elections and then appoint you to political offices. You should run for political offices yourselves,” said Nasralla.

He maintained that there is no existing legislation that prevents women from aspiring for political offices in the country including the presidency.

“So what are our educated women waiting for? I commend the Zainab Banguras, the Dr. Sylvia Olayinka Blydens, and the Femi Claudius Coles for taking that bold step to stand up and be counted in our patriarchal body politic. It is not an easy road to take but these women should serve as inspiration to other educated women. I challenge the Maude Peacocks, the Valnora Edwins, the Marcella Samba Sesays, the Dr. Fatou Taqis, the Dr. Isatu Mahois…The time is now! You have advocated enough, let the young women take your places while you make the imperative transition to politics,” urged Nasralla.

The result-oriented SLAJ President asserted that there is nothing criminal for educated women to step forward and become a member of an existing political party.

“These political parties are public property; they do not belong to individuals; they belong to the people of Sierra Leone. Politicians have come and gone; they will come and go but these parties will remain. These political parties are vehicles available to us to use to take us to where we want to go as a nation through periodic democratic elections. So we all have a right to board any of these vehicles to reach our various destinations,” said Nasralla.

He expressed the view that meaningful changes can only transpire and take precedence over legislative reforms and advocacy only when women, especially educated women, are actively involved in politics and are in positions of trust.

“How can you influence the award of political symbols when you are not in the party committee that awards them? How can you influence the enactment of the GEWE bill when it is men that are in charge in Parliament? Think about it,” Nasralla concluded.

To Provide Authentic Spa Treatment Services… TEES Shopping Centre &Royal Tirta Ayu Spa Signs Agreement

July 1, 2022

By Elisha Harding

A recently established textile and clothing-making private business entity in Freetown, Tees Shopping Centre signed an agreement with Tirta Ayu Spa on the 19^th June, 2022 geared towards establishing a new age of authentic Spa treatment facility in Sierra Leone, with a blend of ancient therapeutic remedies and modern day spa rituals for healthy living and total well-being.

The Tirta Ayu Spa is a professional Spa Operator Service, established in March of 2008, with headquarters in Indonesia, specializing in the hospitality industry in Hotels, Villas and Apartments.

It is a leading global international cosmetic company specializing in herbal treatment for cervical organ issues aligned with reproduction organ health care treatment (V-Spa), hair treatments, hypertension, diabetes, joint pain, providing body relaxation services, hand & feet treatments, slimming treatment, facial treatments and fragrance baths, in general by using traditional herbs through research and modern technology.

The Tirta Ayu Spa Services offer a sophisticated and unique experience of relaxation, resulting in comfort for the body and mind.

With uncompromising herbal products, combined with the warm and friendly service of experts, a client’s session will be heavenly and unforgettable in a tranquil setting surrounded by traditional Indonesian decor and scented with exotic aroma therapy.

The Premier facility will also include a number of saunas, steam rooms, and relaxation areas including a world-class restaurant of African, Asian, and Continental Cuisines.

Tirta Ayu Spa is all about giving a unique Javanese – Indonesian experience, presented in a setting of Indonesian style atmosphere, with outlet locations in Indonesia, Cameroun, Nigeria and Eswatini.

In an interview conducted by this medium, it was understood that TEES Shopping Centre is excited to extend Tirta Ayu’s services to Sierra Leone with the main objectives of establishing and improving a healthy national system to produce high quality herbal and cosmetic product for body treatment.

In addition, it is introducing the benefit of Indonesian traditional herbal medicine as an alternative treatment for back and body pains, diabetes, high blood pressure, low libido caused by organ problems, stress, hypertension, insomnia and many more.

“We are committed to delivering a personalized experience to meet your every need, whether you have 30 minutes or 3 hours, allow us to take care of you,” a prominent staff of the textile and clothing designing company assured.

Tirta Ayu Spa Agreement signing.png

Securiport’s $ 25 Security Fee Levied on Travelers is Justifiable & Tenable

July 1, 2022

By Amin Kef-Ranger

One of the topical issues in various social circles is the recent public notification that all passengers departing and arriving at the Freetown International Airport with effect from 1st July, 2022 should pay a security fee of $25 to Securiport Sierra Leone, to enable authorities to ensure safety of passengers at the Airport and the country. Although it is mooted in some quarters that such will not hold because adequate consultations were not done with the relevant authorities in the aviation industry, however, from what this medium has so far learnt is that the current sitting SLPP Government is not against the levy, which has been in existence and an integral part of the agreement that was signed with Securiport Sierra Leone.

As a matter of fact, Securiport is a reputable American technology firm which signed a contract with the Government of Sierra Leone in March 2012 to provide traveler, airport and civil aviation security systems. It is on record that the company’s systems are the most advanced in the world and provided within the framework of a comprehensive civil aviation security service. Apart from the biometric identification of travelers and a number of security features installed in the airport, the company provides all the elements to identify potential criminals attempting to enter and leave the country on commercial flights , applying advanced artificial intelligence methods.

When the contract was signed between Securiport and the Government one of the terms stated that fees are to be collected from the end users of the civil aviation security services, that is, the international airline passengers who will be processed on arrival and departure. Initially, it was the idea that Government will ask the airlines to collect the fee from passengers. Unfortunately it did not work that way and therefore it became the responsibility of Government to pay the fees but regrettably that was again not done. But that did not deter the company from continuing to render its services as per agreement using its own resources.

This medium reliably learnt that when this ruling SLPP Government took charge of State Governance it critically looked at the work the company had been and is still doing. Quite pleased and satisfied that the company is doing exceptionally well this Government agreed to be paying the much talked about security fee and has been clearing backlog payments.

For now the only snag is that bordering around adequate consultations not being held with all the relevant stakeholders in the aviation industry before the company’s notification of commencement of collecting $25 starting the 1^st July 2022. It was learnt also that negotiations are currently underway and very soon an agreeable position will be reached and payment of the fee will take place. It is noted that it is a standard fee that is paid in all the international airports as part of a network that links Sierra Leone with other countries, especially when it comes to fighting terrorism and international crime to ensure the safety and at the same time protect the country from the infiltration of terrorists and criminals who may attempt entering the country.

Indisputably, Securiport’s Civil Aviation and Immigration Security Services are comprehensive security products which can secure biometric recognition of travelers at immigration posts, provides proprietary systems for the identification of potential security risks, criminal activity and disease prevention based on the comparison and multi-dimensional analysis of the biometric data and traveler information collected during immigration processing.

The company’s integrated immigration control system is giving the Government access to airport security technology needed to very passenger identities and check travel document authenticity. Using a real-time connection to Interpol the company has instant access to terrorist watch lists, no-fly lists, fraudulent document lists, and other critical information.

Although it is understandable that things are economically difficult, however, the issue of compromising security at the country’s airport should not be allowed. In this age of terrorism, drug, and human trafficking the need to have an effective and efficient security system at the Lungi International airport could not be overemphasized. With all justification, it is the traveler who must bear the brunt. The $25 security fee is therefore in place and tenable.

Freetown International Airport

As Fanzone Buzzes With Gossips & Attractive Prizes… Yemi Alade Visits Housemates

July 1, 2022

By Amin Kef-Ranger

Since the commencement of Housemates Salone Season 3 with the slogan, “Di Game Get Yagba, If You Nor Able Na for Pull Hand,” the competitors have received visitors predominantly from the corporate world and entertainment industry. Such could be part of the plan of the organizers of the Reality TV Show, AYV Media Empire, and Africell Sierra Leone within the ambit of enhancing Youth Empowerment in the country. Indeed, the interactions between the Housemates and visiting personalities are of course influencing the former by tailoring their perceptions about certain things in life, changing concepts, and broadening horizons.

The latest among these visiting personalities is the internationally acclaimed Nigerian Afropop songstress, Yemi Alade, who while in the country to grace the 10th Africa Conference on Sexual and Health Rights decided to visit the House on the 28th June 2022 to interact with the Housemates. Yemi Alade, who is an internationally celebrated Afropop singer from Nigeria, really lit up the House as she interacted with the Housemates.

Week 6 into the Reality Show is coming to an end as eviction will be done on Sunday. Indeed, the Yagba continues as the final is getting closer with more drama, more ‘wahala’ in the big House.

With Le250M and a round trip to Dubai up for grabs it is all the more reason why support must be given to the Housemates by members of the public voting for their favorite Housemates.

Members of the public residing in Sierra Leone could either start or continue to vote via Afrimoney. To do so, they should just dial *161*10*1# with the NUMBERS of the Housemates. For International voting it must be done via www.housematessl.com or www.africell.sl.

Voting could also be done via PayPal or Scratch card from Sierra Leone Commercial Bank (SLCB) website, at: www.slcbvote.com.

Housemates Season 3 could be watched on AYV DStv CH 399, AYV CH 34 and YouTube channel in real-time 24/7.

The Housemates Fanzone is buzzing with gossips, interviews and quizzes. Attractive prizes are won every week and the prize winners for this week were Justice Kamara, Carltona Danner, and Aida, as each walked away with two crates of Mutzig beer.

You can also be a lucky winner by grabbing the chance to win amazing prizes too. Be on the lookout for the next question on the AYV Housemates Facebook page. Answer the question and win amazing prizes which are proudly sponsored by Mutzig.

For now all the remaining Housemates are displaying their God-Given talents, as well as most of what they have imbibed over the years in tandem with what the Show requires of them.

They are availed the opportunities to imbibe new skills, currently polishing existing ones, learning how to new things, improving on debating skills, courting relationships, indirectly doing brand adverts, setting life targeting agendas, interacting and doing a host of others things.

These are more so brought to the fore when the Housemates are performing assigned tasks delegated by Sir Chief or Madam Chief and based on their outputs they will earn some points.

However, it is the number of votes that they receive from the public, through voting, which will give them additional points.

With all justification, the Reality TV Show is serving as a learning pad or ground where all the Housemates are learning valuable skills and acquiring knowledge that are transforming them, positioning them to become role models in society to positively impact development and nation-building.

Housemates Season 3

NP-SL Ltd Scales Up Strides to Ensure Fuel is Accessible to the Public at all Times

July 1, 2022

By Amin Kef-Ranger

It is a glaring fact that the current war between Russia and Ukraine is impinging negatively on the easy accessibility of petroleum products, mainly petrol and diesel, by Oil Marketing Companies globally. The reason could not be too farfetched from the position that Russia is a major producer and supplier of petroleum products on which most advanced and developing countries heavily rely on to secure those products.

Sierra Leone is just one ,among many other countries in the world, that is bearing the brunt evident in the scarcity of those products at Filling Stations seen in long queues, the frequent increases in price of fuel within a very short period and the hike in transportation cost with the cascading effect on increasing prices of basic commodities.

It is important to give such a backdrop because there are some shortsighted or ill-informed individuals in the country who, out of myopic views, are creating the impression that the long queues seen at Filling Stations is as a result of a deliberate ploy on the part of oil marketing companies in this country to create artificial scarcity, out of greed and avarice, with the intention of increasing the prices of petroleum products in order to maximize more profits at the expense of ordinary citizens.

The leading importer and marketer of petroleum products in the country, NP-SL Ltd has not been spared that allegation which in its entirety is completely baseless and unfounded. It is on record that when the Russia-Ukraine war began having tell-tale impacts globally, NP-SL Ltd, as an oil marketing entity was badly impacted. Since then the company has been making strenuous efforts to secure petroleum products on the world market to ensure that they are available in the country for sale. In trying to do so the business entity has incurred huge losses.

For those who are of the view that NP-SL Ltd secures petroleum products in Sierra Leone for marketing purposes such an assumption is totally erroneous. The company purchases those products in Switzerland, from its reliable supplier, import them and offload them at the Kissy Terminal for onward distribution countrywide.

This brings to the fore the fact that in the transaction, the company uses the Dollar and not the Leone. Accessing the Dollar means exchanging too many Leones as a result of the sharp depreciation of the Leone to the Dollar and for NP-SL Ltd that has been a perennial challenge even before the outbreak of the Russia-Ukraine war. In a country where the Leone keeps plummeting frequently such is putting a strain on the company in two ways, not getting the required quantity and secondly costing the company much to pay for the same quantity as opposed to less than what it used to pay.

Against all the aforementioned, the Shareholders of NP-SL Ltd, all being private individuals, which makes the company a 100% indigenous business entity, as well as the Management are of the strong conviction that they must do all within their reach to ensure that petroleum products are available in the country.

It is an established fact that even in these trying times, when there are uncertainties plaguing the oil industry, NP-SL Ltd has managed as the only oil marketing company in the country to be intermittently supplying and marketing fuel on a rational basis to ensure that the products are available, though they might not be readily accessible as it is supposed to be.

For now, NP-SL is the only company at the moment that has AGO gas and diesel in the country.

It is also on record that since January 2022 to date, the company imported 112,491,596 metric tonnes of fuel costing over $111M.

What is also not logical is for some to blame the Government for the crisis painting the picture that it is its inaction which is causing undue suffering with others calling for subsidy to be placed on petroleum products. However, it must be noted that the issue of subsidy has been a thorny one as the International Monetary Fund frowns on it and there ia school of thought which holds the view that it will place a heavy financial burden on the Government which is already cash strapped to fund other important development projects.

What is sure for now is that the Management of NP-SL Ltd is doggedly committed to continue doing the good work it has been doing, which is to ensure that petroleum products are available at all times.

Management of the company is of the view that as long as they are doing what is right now nothing will discourage the company from continuing to make petroleum products available in the country.

Being an indigenous company that cherishes its numerous customers, NP-SL Ltd, over the years, has placed high premium on customer care to such an extent that it has earned the enviable reputation of 1st for Customer Care.

The company offers for sale NP Gas. For those who have not tried NP Gas for the first time it is now time to give it a try. Designed in sizable varying cylinders and sold at various NP Filling Stations, this cooking device has been rated as one of the best that is on offer for sale. NP Gas is safe, user friendly and portable. Trying it will spur you to recommend it to others.

NP Smart Card is now in vogue and is one of the latest technological devices used to purchase petroleum products. Using it has attendant advantages as evident in procuring fuel at any time of the day even during times when monies could not be accessed from banks. It is secured, easy to use and very quick. It is now trending.

To crystallize proposed projects into tangible realities on the ground, Government needs the required financial resources to effectively do so and one sure way is from collection of taxes which is the mandate of the National Revenue Authority (NRA). NP is one of the big tax payers to Government and it has been doing so timely.

Having a presence in Guinea, Liberia, Ivory Coast and The Gambia, NP-Ltd, is doggedly committed to continue scaling up efforts to access petroleum products in order for the public to have easy access to these products. The company is highly capitalized, is not part of any mafia cartel but rather operates transparently and according to the dictates of the forces of supply and demand.

OP-ED New Notes in Old Hardship Wrappers!

July 1, 2022

By: Augustine Sorie-Sengbe Marrah

Lawyer and Governance Activist

In their People’s Manifesto, the New Direction painted an economic Armageddon for the economy of Sierra Leone. Wearied by the high levels of corruption and poor economic outlook, the people of Sierra Leone were mesmerized by the New Direction buzzword. The APC Government in 2018 had outdone all their economic gains with rising inflation and a downward growth trajectory. Principal among the political commitment of the New Direction was to fix the economy by diversifying economic activities. President Bio, the leading opposition candidate then, berated the APC Government for their high spending likening it to “drunken sailors.” The people being fed up with the general governance missteps of the APC decisively voted them out of power on the promise of a new economic direction by the SLPP opposition party.

In this article, I’ll look at three significant aspects of the economy and examine how things have changed, whether for the good or otherwise. It is good to throw back to what the situation was four years ago as was stated in the People’s Manifesto of the New Direction before the mandate was given to them to ameliorate the plight of the economy and the livelihoods of the people of Sierra Leone.

Exchange Rate Management

The New Direction exchange rate management’s strategic objective is to maintain low, stable, and competitive exchange rate through increasing exports and reducing imports of consumer goods. The specific policies are:

Improve on the current account balance through (a) review of existing policy framework for rural banking and financing to support cash crop production and marketing; (b) improve supportive marketing infrastructure and facilities; and (c) promote agro-processing to add value to farm products for exports and maintain low import levels, particularly on consumer goods.

Sustain competitive interest rates with the aim of attracting foreign capital.

Maintain single-digit inflation to improve on the purchasing power of the currency.

The New Direction promised to stabilize the exchange rate and make it competitive. In 2018 the exchange rate was at Le.7,600 per USD 1. Stabilizing the foreign exchange means maintaining it around Le.7,600 to a dollar. Unfortunately, the current exchange rate is nigh double in just four years. A weak currency is the earliest sign of a weak economy. The economic policies of the New Direction have so far not addressed the free fall of the Leone. Initially, the central bank used to auction US dollars so that foreign currency would be in circulation to stem the exchange rate. While this was a laudable stop-gap measure, economists sounded the alarm that without economic activities and international trade, the Leone would continue to suffer, beaten primarily by the US dollar. In four years, we have very little to show that the Leone would in the near future improve against the US dollar, while we have everything to show that the situation is grim. And so, the promise of new direction in terms of improvement of the purchasing power of the currency has not met. If anything, the currency has deteriorated.

Inflation

In 2018, Inflation has worsened over the past 10 years. It rose from 8.5% in 2013 to 9.8% in 2014 and 10.1% in 2015 and further to 17.4% in 2016. IMF estimates it at 18% in 2017.Thus, between 2007 and 2016, economic conditions have suffered a sharp deterioration, and there is growing hardship for a large segment of the population. Prices of essential goods have risen. For example, the cost of 50Kg of rice, the staple food, has risen from Le 60,000 in 2007 to Le 250,000 in 2016.

In four years, inflation figures have galloped from 15.14% in April 2018 to 24.8% in May 2022. Under the New Direction, there’s hardly a price of social or food commodities, which has not doubled in those years. Basic food prices in particular are tripling. Consumer goods have risen to record levels with no prospect of reversal. Prices are as unstable as the wind. These point to hardship for the people, most of whom are unemployed and eke out a living in the informal sector. Rice, the staple food which cost about Le 250,000 in 2018 is now more than double the price, almost the same figure as the current minimum wage. This means a low-income earner cannot even afford a bag of rice for their family for a month.

Fuel prices in four years, have risen from Le.7, 000 to Le.22,000,a more than three fold increase. Transportation fares have therefore taken a sharp upward trend as dictated by the rising costs of petroleum products. This has placed considerable burden on most people who rely on public transportation to commute to work or travel from one point to another. Electricity prices have shot up amid power epilepsy. Water rates have been increased too. Amidst all these, salaries have not been doubled or tripled to meet the soaring costs of living. It seems the masses who were enamored with the idea of a New Direction have been left at the mercy of the New Direction of hardship caused by the rising inflation.

New Currency note

The central bank has authorized the issuance of a new currency note (Leone). Three zeros from the existing currency notes would be dropped. The Bank Governor argues that this is a “psychological boost” for the economy. At a function organized by Veritas, a tax consulting firm, the Governor was quizzed about whether the factors which should be present to aid the impact of redenomination on the economy were present. He admitted that redenomination without economic production would not work the magic, and if such factors are not present, redenomination would not have the resultant effect on the economy. The million-dollar question is, what is the economic urgency to re-denominate when the other factors which should merge with redenomination are absent? It is better to continue to carry vast volumes of notes until these factors are present before re-denominating than a rash redenomination without the confluence of such factors to boost the economy. Psychology does not fix the economy; weak economies result from low productivity. Therefore, unless economic activities are ramped up, new notes would attract the exact zeros we have spent several million US dollars to knock off. One does not need to be an economist to know that new notes don’t fix an economy; economic productivity does, and unless the latter is present, introducing new notes with fewer zeros would soon become futility.

In my view, apart from the economic rhetoric of the New Direction, the economy has not experienced the promised new growth. The new currency, new inflation levels, and the all-around new prices have brought the people of Sierra Leone a new and higher dimension of hardship that they did not bargain for when they voted the APC government out of power on the promise of a new economic direction. The economic security which echoed in the minds of the people of Sierra Leone when they signed the social contract with the New Direction now appears to be an illusion. In four years, the dream of a new direction of the economy has become distant. It seems the New Direction is a never-ending NEW: New Currency, New Fuel Prices, New Electricity Tariffs, New Water Rates, New Transportation Fares, New Standard Operating Procedures, New Inflation, and New Hardship. The new note is intended to wrap the old and sick economy, to hide the current economic wrinkles from being noticed. It seems it is just a matter of time before the zeros would re-emerge, and by that time, we might need to carry our pocket monies on wheels.

For Snap Remittances… Afrimoney Seals Partnership with BnB

July 1, 2022

By Foday Moriba Conteh

In a bid to enable active customers of Afrimoney to receive money remitted from overseas through their Afrimoney Account via BnB in the country, Afrimoney has on Wednesday 29^th June, 2021 sealed a partnership with BnB. The official signing ceremony took place at the Africell’s Headquarters on Wilberforce in Freetown.

Addressing pressmen, the BNB Group CEO, Dr. Barry emphasized that it would make it easier for people living overseas to send money through the Afrimoney Account, made possible by international cooperating partners.

Dr. Barry said the partnership will make it easy for people living abroad to send money to their family members from BnB into their Afrimoney mobile money accounts, adding that it will also help in accelerating such remittances, continuing that BnB as an organization is very pleased with the partnership.

Making an addendum to the CEO of BnB, the Marketing Manager of the BNB Chichi Aretbesola, said BnB is actually a product of pain and that the CEO Dr. Barry and his technical team came up with the idea to partner with Afrimoney to make money transactions much easier for people living in Africa.

She pointed out that the BNB Group remittance transaction is faster, safer and easy to use; assuring that it is very secured. The Marketing Manager concluded by stating that the organization is very excited about the partnership with Afrimoney.

On his part, the Director of Afrimoney, Martison Obeng-Agyei, said the partnership is very important, noting that before people were somehow finding it difficult to receive monies sent to them by family members living in other countries, adding: “But through Afrimoney that has changed.”

He said Africa is actually leading the way when it comes to remittance, adding that the BNB Group has made it easier for people to send money from one country to another conveniently. He said Afrimoney’s partnership with the BNB Group is intended for people to send money to their loved ones, including paying their children’s school fees, through their Afrimoney Accounts.

The Afrimoney Director said people are now buying their EDSA top-ups through Afrimoney, including those living in the provinces. “Afrimoney users can receive money sent to them from overseas in a convenient manner…we want Sierra Leone to be on the world map,” he said, adding that Sierra Leone is not among the top ten African countries in terms of remittance.

He noted that the partnership will not only ensure that Sierra Leoneans living abroad can send money to their family members in a secured manner ‘but will also ensure that every single cent sent from overseas to Sierra Leone is received at the right time, with the right amount and commission’.

Earlier the Assistant Media Manager at Africell, Nancy L. Toure, also said people living overseas can now send money to their loved ones through the BNB Group who will then redirect the transaction through the receiver’s Afrimoney Account.

Madam Toure furthered that Afrimoney users can cash out money sent to them by their loved ones at any time or moment, noting that the reason behind the partnership is to ensure that life becomes easier for everyone using Afrimoney. She encouraged Afrimoney users to download the BNB App so that life will become easier for them and also urged Sierra Leoneans to inform their friends and loved ones to send money through their Afrimoney Wallets which, according to her, is fast, safe, easy to use and very secured.

BNB Group

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