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Elected Executive of SAOSA Takes Office

By Sheku Putka Kamara

A new Executive of the St. Augustine Old Students’ Association (SAOSA) was sworn into office at Tintafor in Lungi, Kaffu Bullom Chiefdom on the 23rd January 2021to steer the mantle of leadership of the Association for the next four years.

In her welcome statement as the event’s Chairperson, Madam Mallay Betty Brima spoke on the essence of old students ,the world over,  to serve as positive examples further encouraging current pupils of the school to remain focused in the attainment of aims and aspirations.

The out gone National SAOSA President, Karilai Kamara, informed the audience about the achievements and challenges of the Association during his tenure also touching on the need for continuity and for people to fulfil promises and pledges made to the Association adding that they must continue to leave a good legacy at the school and outside.

Vice Principal of the St. Augustine Senior Secondary School, Baimba Tejan, on his own part said that the relevance of the Association should not be overstated maintaining how SAOSA is made up of  quality human resource, noting that it will be welcome news if the Science and ICT Departments of the school are graciously upgraded.

Representative of the Salesian Community, Revered Father Paul Turay, who also doubles as the school’s Principal, spoke on the need for coordinated efforts and encouraged the new Executive and by extension the alumni  Association to remain positive and to see to it that they give back as and when reasonably called for.

A representative of the Elders of SAOSA, Mohamed Gbondo Sesay said that there is no better way of giving back to one’s alma mater than facilitating progress and reap enviable results. He furthered that the image of the school matters and that all concerned must ensure that the right principles are taken into consideration.

Member of Parliament for Constituency 076, Hon. Ibrahim Aziz Kelly Bangura, said that St. Augustine is known for positive results and that it is of essence to regain the school’s past glory. He added that the new Executive should be mindful of the challenges ahead, noting that expectations were already on a very high note. He encouraged the membership to work as a team and to see that the focus of the Association’s formation is achieved.

The Member of Parliament of Constituency 077, Hon. Ing. Abdul Kargbo, who was also a then star pupil of the school, while pledging his unflinching support to the school and the Association at all times, spoke on the area of commitment. He said that the membership must not always be seen to be active during electioneering times adding that the targets of the Association require that sacrifices are made so as to achieve the needed results.

The distinguished guest speaker of the inauguration, Ahmed Sahid Nasralla, President of the Sierra Leone Association of Journalists (SLAJ), said that the task ahead is a daunting one. He entreated the current pupils of the school on the need to have better visions and to get mentors. He said that such will aid them to better their paths as they progress in life also encouraging the new Executive to always reach out to all and sundry and not to segregate.

He said that in life there are many challenges noting that resilience matters and called on all present to be mindful of actions and intentions in the execution of tasks, stressing on the need to be making informed decisions.

The Association’s Chief Electoral Commissioner, Pastor Moses Serry touched on gains made before and after elections, adding that future teams must learn from the possible challenges and see how they could subsequently be resolved.

The new National SAOSA President, Ansu Moiba, thanked the membership, the electoral commission and the out gone Executive. He said that a tough mantle of leadership has been handed over to him, but that with the support of all and sundry, the new team is hopeful of fulfilling all necessary demands.

He said that he now has a task of fulfilling all manifesto promises, adding that his new team has been carefully selected to ensure that the Association’s dream continue to flourish. He promised to work with the school administration and the membership in making sure that St. Augustine and SAOSA continue to set a brighter and better pace.

The vote of thanks was done by the Association’s new Vice President, Madam Dolly Bally Mansaray while the swearing in ceremony and the introduction of the new executive was done by the Former Master and Registrar of the Judiciary of Sierra Leone, Stephen Y. Mansaray Esq., who was also a past star pupil of the school.

The event was graced by other dignitaries within and outside Kaffu Bullom Chiefdom, Lungi.

Bio Calls on ECOWAS to Intervene

By Foday Moriba Conteh

President Julius Maada Bio addressed the 58th Ordinary Session of the ECOWAS Authority of Heads of State and Government, during a Videoconference on the 23 January 2021, raising the two issues of Yenga and the recent closure of the border by Conakry.

“Sierra Leone observes with deep concern the increased instances of incursions by Guinean troops in the Yenga area which is in the undisputed sovereign territory of Sierra Leone. The issue remains unresolved and our Guinean counterparts have continued to encroach on Sierra Leone’s land and sea borders,” he said.

President Bio, therefore, urged the regional body to urgently create a special committee to look into the unsolved Yenga matter between the two countries through diplomatic engagement with a view to finding a lasting solution to this long-standing boundary dispute.

He further informed his colleague Heads of State that he is very concerned about the restrictions imposed from the Guinean end on the free movement of goods and people between the two countries thereby creating a huge economic loss for both countries.

“I urge the Government of the Republic of Guinea to consider removing these restrictions to enable the free movement of people, goods and services in order to promote cooperation, regional trade, and regional integration,” he said.

He also commended the ECOWAS Commission President, Dr. Kassi Brou, a native of Cote d’Ivoire, for the comprehensive update on the state of the community, emphasising the point that Sierra Leone subscribed to the analyses of the community’s political, security, and macro-economic situation in substantial terms.

“May I thank His Excellency Nana Addo Dankwa Akufo-Addo for the excellent manner in which he has conducted the trust reposed in him by the Authority for the year under review,” he said.

Cordaid/West Africa Trade & Investment Hub Co-Invests to Support SMEs in the Region

By Theresa Kef Sesay

This medium was reliably informed that in partnership with the U.S. International Development Finance Corporation (DFC), the USAID-funded West Africa Trade & Investment Hub has announced its first co-investment project with Stichting Cordaid (Cordaid), managed by Cordaid Investment Management B.V. (CIM), to increase the access to finance by small and medium sized enterprises (SMEs) and microfinance institutions (MFIs) in Burkina Faso, Guinea, Mali, and Sierra Leone.

It was further highlighted that due to this public-private partnership, the co-investment will generate up to $37 million of new private investment into these countries to support local economies, create over 20,000 direct and indirect jobs, and increase the value of exports over the duration of the activity by $30 million.

“This collaboration also aims to promote two-way trade and investment between the United States and West Africa in accordance to the Prosper Africa initiative promoted by the U.S. Government,” the Release continued.

“We are enthusiastic about this partnership, which is the first of many in our grants pipeline, as we look forward to their catalytic effect on the economies of these countries by attracting private capital and providing jobs, specifically for and within SMEs struggling to survive in some of West Africa’s most fragile economies for whom there is very limited access to affordable credit,” said Michael Clements, Chief of Party of the Trade Hub.

With economies in the Sahel region of West Africa among the most fragile in the world, CIM, the Trade Hub, and DFC are united in the drive to combat high rates of poverty, unemployment, conflict, and desertification through private sector investments.

SMEs are key to job creation and economic stability in the region.  However, their ability to absorb the increasing numbers of people in the working-age demographic is limited without access to finance. Women-led businesses also often face unique challenges financing their businesses. Despite the desperate need for long-term finance to help grow and sustain these SMEs, the perception of country and market risks often deter external investors from partnering in impactful initiatives.

To counter this trend, the Trade Hub has provided a $2 million first loss grant to Cordaid, which will serve as a risk-mitigation tool and open up a pipeline of private capital managed by CIM. DFC’s $14.75 million loan portfolio guarantee provides a credit enhancement behind the Trade Hub’s grant to attract investment into CIM’s fund.

In addition to $1 million being provided by Dutch Postcode Lottery, also as a first loss grant, these sources of funding create a low-risk framework that encourages private capital to invest in conjunction with other impact investors despite the risks to investing in the Sahel region and the economic effects of the COVID-19 pandemic.

“This project will reach thousands of entrepreneurs in several fragile countries that are facing significant economic challenges, including from the impacts of the COVID-19 pandemic,” said Acting DFC Chief Executive Officer, Dev Jagadesan. “This project advances our commitment to focus on the regions where investment is needed most.”

The project aligns to DFC’s 2X Women’s Initiative, as at least 30% of CIM’s lending will be targeted at women owned/led businesses or those offering products or services that deliver tangible benefits to women. CIM has also heightened its focus on youth markets to better integrate them into local economies.

“Fragility in the Sahel is widespread and multifaceted. We do not pretend that our investments will be the silver bullet. We are certain, however, that some of our intervention will help build resiliency, as we focus on opportunities that create access to finance and job creation, while catalyzing additional investments into these most underserved economies,” said Brenda Pennell, who manages Cordaid’s portfolio in West Africa.

President Bio  Pledges $1 Million to Peace Building Fund

By Amin Kef Sesay

President Julius Maada Bio has on Tuesday 26 January 2021 called on UN member States to mobilise support for the Peace building Funds (PBF) and pledged $1 million with an annual commitment of $200,000 over the five-year period of the fundraiser.

The President, who joined UN Secretary-General, António Guterre, as co-chair of a high-level virtual Replenishment Conference for the Peacebuilding Fund to mobilise critical support for conflict prevention and peacebuilding against the Fund’s $1.5 billion requirements for the period 2020-24, expressed gratitude to the UN.

“Our nation’s story has been possible partly because of the investments by the Peacebuilding Commission. I, therefore, call on all UN Member States to both renew their commitment to the UN’s peacebuilding efforts and to mobilize adequate, predictable, and sustainable financing for peacebuilding through a broadened donor base.

“In that regard, as a token of our renewed commitment, Sierra Leone pledges Two Hundred Thousand ($200,000) United States Dollars per year over the five-year period to the Peacebuilding efforts of the UN,” he said in his remarks at the opening of the event.

President Bio also thanked the UN and Canada in particular, on behalf of the Government and People of Sierra Leone, for the tremendous impact of the peacebuilding fund in consolidating and sustaining peace in the West African nation, through five peaceful democratic elections cycles and transitions.

“Since the end of the civil war and especially since 2007, Sierra Leone has benefited immensely from the catalytic impact of the Peacebuilding Fund. The PBF supported and is still supporting a wide range of peacebuilding and governance initiatives in Sierra Leone including institution building for inclusive democratic governance, elections and peaceful democratic transitions, national cohesion, community conflict prevention and resolution, inter-community dialogues, access to justice, protection of human rights, improved security sector coordination, and youth and gender empowerment and inclusion,” he recalled.

Meanwhile, as the country tries to exit the formal agenda of the Peace Building Commission, the President assured of Sierra Leone’s continued commitment to consolidating and strengthening its democratic and human rights institutions, fostering inclusive and accountable governance, collaborating closely with civil society and communities, promoting access to justice, improving the security and disaster management sectors, making its institutions more accountable and resilient, and implementing strategic activities for inclusive and sustainable development as mapped out in the Medium Term National Development plan.

“Sierra Leone will remain engaged with the PBC in implementing the national priorities of human capital development, economic diversification, climate resilience, strengthening national institutions, developing and supporting the Independent Commission on Peace and National Cohesion, and supporting our nation’s COVID-19 response and recovery efforts,” he said.

With Medical Support from Pikin Bizness… 7 Year Old Precious Konneh Returns from France Hale & Hearty

By Amin Kef Sesay

Seven-year-old Precious Konneh who was suffering frequent heart attacks is now back home accompanied by Miss Ketty ZAMORA of Aviation sans Frontiers (ASF) on board Air France from Nantes to Paris, Charles de Gaulle Airport and on to Lungi International Airport on the 25th January 2021. Precious Konneh spent six weeks in Nantes.

Prior to her trip, she was frail and any movement she does even a mild one left her exhausted as well as developing a poor appetite.

Precious was supposed to be operated on December 17th, 2020. Two days after her arrival in France and while lodged with the French Host Family she became very exhausted and had a sudden attack which prompted Cardiologist Surgeon, Professor BARON, to perform the operation immediately.

That happened on the 10th December 2020. The Surgery lasted four and a half hours in one of the best Children’s Hospitals in France.

She then spent two days in the Intensive Care Unit recovering.

On the third day, the surgeon allowed the Host family to take her home. The girl was already showing a miraculous recovery. She gained 1 kg in few days. Her appetite became excellent and began requesting for her favorite dishes such as fried rice and fried Chips and Pizzas etc. Her energy was bursting and she joined the French kids to play social games and others. Indeed, she displayed that she is a very intelligent young lady for a 7-year-old child.

The treatment of Precious was facilitated by Pikin Bizness in partnership with La Chaine de l’Espoir, an organization working towards helping babies with congenital heart disease. Precious is the only child to have been flown by Pikin Bizness during their COVID outbreak.

Her condition has brought great relief to her parents who were in fear of losing her. She would be monitored for a period of three months to ensure she is safe.

The ASF Envoy was presented with a modest souvenir by Pikin Bizness Chairman. A special hand-woven Country Cloth made by Sierra Leonean Women from the Provinces.

NP’s Castrol Oil is Rated as the Best Among the Rest

By Amin Kef Sesay

The proper functioning of any vehicle largely depends on how well it is handled which requires routine maintenance. However, maintenance alone cannot do the magic as there is the need to get the right engine oil to lubricate the vehicle’s engine and get rid of unwanted particles that may clog it leading to mechanical failure.

Castrol GTX is particularly a well-known lubricant in Sierra Leone amongst motorists and commercial users. It has been attested that it is a well-recognized product amongst consumers since the Castrol brand is about passion, excitement and performance.

It is the strong conviction of Management of NP-SL Ltd that brand awareness and product visibility are key drivers in any marketing institution and therefore as part of its marketing activity plan, activation of those drivers is paramount.

Again, it is in that regard that high street stores and NP forecourts will be sale points to create brand awareness and visibility.

In order to continue to popularize the brand, the Management of the company deemed it fit to avail its esteemed customers the opportunity to combine business with pleasure in February this year.

Management decided that starting this February, the company will activate a loyalty promotion as one of its activities by offering its esteemed customers the chance to win different prizes.

From the starting of the  month, every time a customer buys a 5L Castrol GTX, he or she, will have a chance to dip and draw from a container filled with hidden prizes in the form of a folded slips.

Indeed, it must be reiterated that each time customers buy 5L Castrol engine oil they will dip their hands in a container and then draw folded slips. The customers will open the slips and reveal prizes or a ‘sorry buy more GTX’ on the slip.

The categories of the draw are as follows: GTX 25W50 = 1 dip & draw, GTX 20W50 = 2 dips & draw, GTX DIESEL = 2 dips & draw.

After revealing the prizes the customers will leave their details and shall be contacted by the Lubricants Sales Supervisor of NP-SL Ltd.

The Lubricants Sales Supervisor will in turn notify the winners and they will pick up their prizes at the office.

Customers who do not win prizes will be compensated with Castrol GTX bumper stickers or keyrings. This is to keep the customers loyal and identify themselves with the premium brand.

The compensation is as follows: GTX 25W50 = 1 sticker, GTX 20W50 = 1 sticker & 1 keyring, GTX DIESEL = 2 stickers & 1 keyring.

It must be known that the promotion and offers will run for a three-week period in this year, 2021.

The promotional items are: Led Light, Normal cap, Funnels, Lip balm, Keyring, Sticker, Desk Clock, Flask, File and Mug.

Indisputably, in this country, the most outstanding and widely recognized petroleum entity that is doing well within the business landscape of this country is indisputably the National Petroleum-Sierra Leone Limited (NP-SL Ltd). The company has gained both internal and international recognition for its efficient service delivery to its many esteemed customers. It is therefore no big surprise for the well-established company to be bagging commendations, accolades and awards from reputable institutions in and out of the country.

One thing which has made NP-SL Ltd to stand tall among other entities hinges on putting premium on effective customer care delivery. The company is highly distinguished for being 1st for Customer Care, as it strives to give optimal satisfaction to its esteemed customers right across the country.

In all its petroleum transactions the company does so transparently as it has modern calibrated machines at all its Filling Stations which are highly capable of pumping and displaying the exact quantity of fuel demanded for, be it petrol or diesel, as well as the price. This gives buyers the feeling that they are not cheated when purchasing fuel.

In the same direction, the company has good, up and running tanker vehicles which transport fuel from the fuel depot to the various Filling Stations everywhere in the country. Maintenance is always done on these vehicles to ensure that they are road worthy; something which the Management of the company takes very serious. The importance of regularly doing so is to really ensure that petroleum products are timely delivered to various parts of the country in order to prevent the occurrence of any form of shortage that may affect daily activities and lives.

A company that was established by thirty-five (35) Sierra Leoneans years back, it was made a laid down policy by the Shareholders and Management that special preference must be given to indigenes who have the requisite qualifications in terms of job opportunities. Interestingly, this decision is in tandem with the country’s Local Content Policy which aims at making use of our local resources, both human and material, instead of depending on external resources. This has made it possible for indigenes,who were hitherto unemployed, to now be gainfully employed and be at vantage positions to take care of individual responsibilities. With all amount of justification it could be said that NP-SL is a very caring business entity.

The company has set the pace of expanding its operations in the West African sub-region by establishing branches in Guinea, Liberia, Ivory Coast and the Gambia where they are effectively marketing petroleum products. By doing so it is providing job opportunities for locals in those countries and by extension regularly paying taxes to the Governments of those countries which are used to fund different development projects.

This bold step undertaken by the company demonstrates a serious entity that is taking business to a higher pedestal.

NP-SL is very notable for making available NP Smart Card and introducing NP Gas. In this modern age when efforts are being made to operate cashless societies and going digital there is no other moment than this when transactions in petroleum products should not follow suit. With the NP Smart Card, a particular customer could purchase fuel via using the card, just stating the quantity required which is debited from the amount in the card.

The customer can credit it again in order to make future purchases. The biggest advantage is that a customer can properly schedule or budget for the amount of fuel he or she will need over time, meaning that he or she has saved the headache of having to raise cash for the sole purpose of fuelling his or her vehicle. Using the card makes it less time consuming to buy fuel and prevents the movement of physical cash which maybe a customer could use for another emerging need or the cash could be stolen. NP Smart Card is now trending and many are now going for it.

With NP Gas, the cooking needs of individuals are easily solved as it is quick in terms of performance as a cooker. Environmentalists have validated its safety in terms of less emission of dangerous gases and it is manufactured in different cylinder sizes, very portable and easily refilled by purchasing gas at the company’s Filling Stations or its authorized dealers.

With all amount of justification, NP-SL is a thriving company despite the myriad challenges it is surmounting. The company is indeed a true development partner that is positively contributing to the socio-economic development of individuals, entities and the country as a whole.

 

As she launches her Fundraising Campaign… Jennifer A. Thompson Poised to Empower Girls in Sport

Chief Executive Officer of the “No Child Left Behind Initiative”, Jennifer Adeshola Thompson

By Foday Moriba Conteh

As part of her continuous support to the development of the Girl Child in Sierra Leone, Chief Executive Officer of the “No Child Left Behind Initiative”, Jennifer Adeshola Thompson has on Monday 25th January 2021 launched her fundraising campaign in order to secure funds geared towards procuring soccer kits for a female Football Team she has adopted in a village within Bo District.

CEO Jennifer believes that mobilizing the girl child and keeping them engaged in sports such as soccer will not only help getting them refrained from certain anti-social activities that could lead, for example to unwanted pregnancy but will also help to keep them out of trouble. It will also keep the girls focused in this extra curriculum sporting team which will empower them to become successful individuals in society.

“We have to empower the youth. We have to be there for them. Something like this could possibly even break barriers with their mental health status. Supporting the players, guiding them and empowering them are the best things that we could do for them. I have total confidence in these young girls. Their ability, commitment and determination to play the game without even soccer kits are what really impressed me. I am excited to work with them and I am excited to see them grow,” she optimistically revealed her feelings.

Jennifer A. Thompson pointed out that investing on these girls is investing in their future saying they are passionate about keeping them engaged and out of the streets, adding that as a nation we should empower the youth and watch them grow as we should  catch them young.

It against such a backdrop that this humanitarian is calling on all to support her Foundation in order to empower the young girls through the donation of any amount.

Jennifer A. Thompson disclosed that those who wish to support her fundraising campaign should contact her on 408-477-6229 or Senice Samah on 408-910-1197.

Prior to the launching of her fundraising campaign and amidst the Coronavirus pandemic, her organization embarked and implemented  several activities like food distribution to orphanages, undertaking Coronavirus sensitization and distribution of face masks to various communities and feeding of over 500 children on Christmas Day 2020 etc.

On Friday 25th December, 2020, in celebrating Christmas day and as part of their support to the less privileged children in the country her organization fed over 500 hundred children after which they embarked on a Coronavirus sensitization drive within the Tikonko township in Bo District, Southern Province. The event took place at the BDEC primary school in Tikonko, Bo District.

On Monday 12th October, 2020 as part of their stride to complement the efforts of the Government to reach out to communities with preventive messages against the coronavirus in the country, they embarked on a coronavirus sensitization drive by highlighting the causes and prevention of the Corona Virus Disease (COVID-19) and distributed 3,000 face masks to pupils of Our Lady Fatima Primary School, St. Joseph Primary School, and the Regional Government Hospital, Makama in Makeni.

On Tuesday 16th June, 2020, in commemorating the Day of the Africa Child and as part of their support to less privileged children in the country, her organization embarked on a Coronavirus sensitization drive and donated food items which include Bags of Rice, Maggi, Bags of Onions, Gallons of cooking Oil, Pepper, etc. and facial masks to the Wellington Orphanage Home & Children’s Redemption Orphanage Home, Masantigie Village at Waterloo in the Western Rural District.

Many hold the view that the CEO of the Foundation,  Jennifer Adeshola Thompson, will stop at nothing to help the youth and the children of Sierra Leone which she has been doing in various parts of the country.

Chief Executive Officer of the “No Child Left Behind Initiative”, Jennifer Adeshola Thompson
Chief Executive Officer of the “No Child Left Behind Initiative”, Jennifer Adeshola Thompson in a picture pose with one of the female Football Team
Chief Executive Officer of the “No Child Left Behind Initiative”, Jennifer Adeshola Thompson in a picture pose with one of the female Football Team
Chief Executive Officer of the “No Child Left Behind Initiative”, Jennifer Adeshola Thompson in a picture pose with the female Football Teams

As Sierra Leone Embarks On Large Scale Rice Farming… Very Important to Know Why Previous Attempts Failed

By Amin Kef Sesay

Starting from the early 1970s, successive governments, starting with that of Siaka Stevens, JS Momoh, Ahmad Tejan Kabbah and Ernest Bai Koroma all had very laudable ambitions to make agricultural growth and development the centrepiece of the country’s socio-economic development efforts; given the sector’s various invaluable contributions to society; including creation of thousands of jobs for youths and the elderly of both sexes, incomes, community development, national revenue and reduction of food import resulting in reduced loss of foreign exchange to foreign farmers and importing companies.

As President Bio’s New Direction Government sets about implementing the largest commercial rice farming in Port Loko and Pujehun and Bonthe districts totalling about 40, 000 hectares which if successfully implemented sustainably would be the country’s biggest economic game changer since the era of the 1960s when Sierra Leone exported over 500, 000 tons of rice annually. It is very important to look back and learn lessons from why since the days of Siaka Stevens in the 1970s up to now Sierra Leone has failed woefully to capitalize on its huge agricultural potentials to not only escape mass poverty but also elevate to becoming one of the very little prosperous small countries in the world.

Let us start this COMMENTARY by asking: Why do food security projects so often fail and why have they had such a small impact on rural poverty and malnutrition? What kinds of projects could work better to deal with these problems? Our brothers and sisters from Njala University should be able to provide the scientific, technical and pragmatic answers which the Ministry of Agriculture would find very useful in partnering to implement our rice commercialization program.

Where The Calabash would like to make its own contribution to this country’s transforming agricultural initiative of His Excellency President Bio is the importance of proper project management.

Project management is first and foremost a philosophy of management, not an elaborate set of tools and techniques.

As such, it will only be as effective as the people who use it.

From experience gained from the various Agricultural Integrated Agricultural Development Projects that the Siaka Stevens APC Government tried to establish in all the four regions of the country in the early 1970s with all eventually ending up as white elephants, the most important lesson is, divorce political interference, political patronage and political appointments completely from public-private commercial projects.  Allow the professionals, technocrats and technicians manning these projects complete free hand to do their work.

This is because the application of project management tools and techniques does not necessarily guarantee the success of a project, but success is guaranteed by the proper integration of interrelated factors such as the mode of application and the character of the Project Manager.

Although there are many factors that could result in project failure, here are primary reasons generally for project failure.

  1. Political interference and control
  2. Lack of project management practice in organization
  3. Improper stakeholder management
  4. Square pegs in round holes due to political appointments and political patronage
  5. Poor definition of project objectives
  6. Lack of control systems – mainly monitoring, supervision and early rectification of mistakes

It is important to note that not only Government funded agricultural development projects but also many Government funded development projects have failed because they had no standard project management procedures leading to mixed results.

This made it difficult to link the cause of the success or failure of these projects to a procedure. Thus, since the redundant process or processes that led to the failure could not be easily identified, it became difficult to improve the organization’s overall efficiency, which in all the cases led to project failure as the case with  Guma, NPA, Sierratel.

Some Government projects have also had good project management but were for political reasons not committed to wholehearted implementation of the project.

Such Government projects hired employees without experience and did not take action in backing up their words.

Therefore, in implementing the country’s rice commercialization project, President Bio should be fully aware that proper understanding and implementation of the project management planning is necessary in order to prevent failure.

 

Bank Governor Schools Members of Parliament

Governor of the Bank of Sierra Leone, Professor Kelfala Kallon

By Amin Kef Sesay

Following the scarcity of the country’s legal tender, the Leone, which ignited a lot of debate in different circles with some calling for its resignation the Governor of the Bank of Sierra Leone, Professor Kelfala Kallon has said that the best solution to address the current liquidity crisis in the country is through the promotion of an electronic payment system.

He made that disclosure last week Tuesday while speaking to the Parliamentary Oversight Committee on Finance on the current state of the country’s economic crisis.

According to Professor Kelfala Kallon the rate of appreciation or depreciation of a country currency against that of its trading partner is typically equal to the difference in the inflation rate in the two countries, explaining that if Sierra Leone’s inflation rate exceeds that of the USA by 10 percent, the Leone is expected to depreciate against the dollar by 10 percent vice visa.

He furthered that on the domestic front, when the inflation lowers the real stock of money in circulation thereby creating a shortage of real money balances, it leads to an increase in interest rates, conversely if inflation raises the real stock of money in circulation the interest rate falls.

“I inherited an economy in which low economic growth and consequently high unemployment co-exist with high inflation,” he said, explaining that the Leone was depreciating as against other currencies at an alarming rate, which according to him resulted in the dollarization of the economy.

Dilating on the currency crisis he disclosed that on the 29th March  2018 the Bank of Sierra Leone placed an order for one hundred million bank notes of various denominations, which were delivered on the 12th March and 16th July 2019. He disclosed that based on data at the time the stock of new notes at the vault after receiving the first consignment on March 12th 2020 was sufficient to serve the cash needs of country until December 2020.

“The second consignment was therefore intended to be a buffer for any demand shortage during the year. However following the global outbreak of COVID-19 Government put modalities in place to reduce the adverse effect on the people,” he said, explaining that  such created an increase in Government expenditure on health care, social protection and measures to control the spread of the virus across the country.

The Bank Governor said that people tend to hold money in a situation of economic uncertainty, despite the fact that currency notes on the vault on 29th April 2020 would be sufficient enough to fill the cash gap through December 2020. Under normal circumstances the Bank placed an emergency order for eighty five million notes of various denominations on the same date to increase the buffer stock.

He maintained that the order would have been delivered on October 2020, which is six months after the ordering date, but due to the increase in orders by Commercial Banks complemented with the COVID-19 restrictions cause a very long queue and delay in delivering the notes, but that six million of the eighty five million notes ordered by the Central Bank was delivered by chartered flight in three tranches in September 25th November 12th and December 11th 2020.

“The remaining 25 million notes of the order were received yesterday 18th January 2021,” he assured, explaining that at least 60 percent of all notes issued has been deposited by the Commercial Banks into their vault, according to him this redeposit minus the mutilated notes will then be issued to the public through the Commercial Banks.

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