SABCO Sardines Boosts Sierra Leone Economy With 14,000 Units Produced


Chief Minister Dr. David Moinina Sengeh confirmed the positive impact of President Bio’s recent launch of SABCO Sardines. Just weeks after its introduction, the factory has produced around 14,000 units, signifying a promising start for this local venture.

Beyond introducing a new product, SABCO Sardines has significantly benefitted the local economy. The project has created 500 direct jobs, providing much-needed employment opportunities during challenging times. The initiative has also had a cascading effect on other local industries.

Sardine production has bolstered the pepper and oil industries, creating additional demand and ensuring their growth and sustainability. This interconnected development highlights the potential of supporting local industries and fostering a self-sufficient economy.

A key aspect of the SABCO Sardines initiative is its affordability and accessibility. Competitive pricing aims to make the product attainable for a broad segment of the population. Additionally, SABCO Sardines are now readily available in supermarkets nationwide, ensuring convenient access for customers.

The successful launch and rapid production of SABCO Sardines reflect the government’s commitment to promoting local industries and economic growth. Chief Minister Dr. David Moinina Sengeh expressed his enthusiasm about the project’s success and its potential to further contribute to the country’s economic development.

“We are thrilled to see the positive impact of the SABCO Sardines initiative on our local economy,” said Chief Minister Dr. David Moinina Sengeh. “It’s not just about sardines; it’s about creating jobs, supporting other industries, and building a resilient and self-sufficient economy. We are committed to continuing our support for initiatives like this that drive economic growth and benefit our people.”

The initial success of SABCO Sardines breeds optimism about its future growth and its potential to further stimulate the local economy. As the product gains popularity, it is expected to create even more employment opportunities and support for local industries.






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SABCO Sardines Boosts Sierra Leone Economy With 14,000 Units Produced


Chief Minister Dr. David Moinina Sengeh confirmed the positive impact of President Bio’s recent launch of SABCO Sardines. Just weeks after its introduction, the factory has produced around 14,000 units, signifying a promising start for this local venture.

Beyond introducing a new product, SABCO Sardines has significantly benefitted the local economy. The project has created 500 direct jobs, providing much-needed employment opportunities during challenging times. The initiative has also had a cascading effect on other local industries.

Sardine production has bolstered the pepper and oil industries, creating additional demand and ensuring their growth and sustainability. This interconnected development highlights the potential of supporting local industries and fostering a self-sufficient economy.

A key aspect of the SABCO Sardines initiative is its affordability and accessibility. Competitive pricing aims to make the product attainable for a broad segment of the population. Additionally, SABCO Sardines are now readily available in supermarkets nationwide, ensuring convenient access for customers.

The successful launch and rapid production of SABCO Sardines reflect the government’s commitment to promoting local industries and economic growth. Chief Minister Dr. David Moinina Sengeh expressed his enthusiasm about the project’s success and its potential to further contribute to the country’s economic development.

“We are thrilled to see the positive impact of the SABCO Sardines initiative on our local economy,” said Chief Minister Dr. David Moinina Sengeh. “It’s not just about sardines; it’s about creating jobs, supporting other industries, and building a resilient and self-sufficient economy. We are committed to continuing our support for initiatives like this that drive economic growth and benefit our people.”

The initial success of SABCO Sardines breeds optimism about its future growth and its potential to further stimulate the local economy. As the product gains popularity, it is expected to create even more employment opportunities and support for local industries.




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Tough Macroeconomic Policies Needed to Stabilize Sierra Leone’s Economy


Sierra Leone’s economy is projected to grow at 3.7 percent on average during 2023–25, below its long-term trend. This scenario is predicated on sound domestic policies, including a tight monetary stance to combat inflation, and an equally conservative fiscal policy to decrease debt pressures and rebuild fiscal space.

Headline inflation could moderate gradually to 14 percent and the fiscal deficit decline to 3.9 percent of GDP by 2025, according to the new World Bank Sierra Leone Economic Update launched recently in Freetown. The report notes that risks to debt sustainability will remain elevated until fiscal balances improve further and the reliance on expensive and short-term domestic borrowings is addressed through the lengthening of maturities and greater access to concessional borrowing.

“Sierra Leone is faced with a challenging macroeconomic environment and the rapid rise in the cost of living combined with weak growth and deterioration of macroeconomic fundamentals threaten to increase the level of poverty among the population,” said Abdu Muwonge, World Bank Country Manager for Sierra Leone. “Therefore, the Government’s policy priorities should focus on restoring macro stability while protecting vulnerable households and maintaining focus on long-term reforms that are geared toward fiscal and debt sustainability.”

The economy experienced overlapping setbacks during 2022 as external shocks aggravated domestic macroeconomic vulnerabilities, resulting in a rapid debt build-up, rising inflation, and food insecurity. GDP growth slowed from 4.1 percent in 2021 to 3.5 percent in 2022, while inflation rose from 12 percent in 2021 to 27 percent in 2022, and further to over 40 percent by May 2023, threatening the welfare of households and worsening food insecurity and poverty. The fiscal deficit increased from 7.6 percent of GDP in 2021 to 9.6 percent in 2022, driven by a combination of macroeconomic headwinds and policy slippages. Public debt-to-GDP ratio increased from 84.7 percent at the end of 2021 to 96.3 percent at the end of 2022. The report notes that, though the outlook for the economy will be shaped by external developments, domestic policy remains key and should focus on restoring macroeconomic stability.

“Enforcing fiscal discipline and renewing the commitment to consolidation will be crucial in ensuring fiscal and debt sustainability. Active debt management can also support debt sustainability and reduce vulnerabilities,” said Smriti Seth, World Bank Senior Economist and one of the lead authors of the report.

The 2023 Economic Update devoted a special section on food security, examining recent trends, challenges and opportunities in three major agricultural value chains – rice, cocoa, and horticulture. It identifies the importance of supporting and empowering the private sector to undertake the required investments in the country’s agricultural sector. The report comes at a time the government has launched its ‘FEED SALONE’ flagship program with the aim to increase agricultural productivity and achieve food security and sovereignty.

The report notes that some 4.5 million people (55 percent of the population) have insufficient food consumption, 3.9 million (48 percent of the population) have crisis or above crisis-level food-based coping strategies, and 3.22 million (38 percent of the population) face challenges accessing markets. While the rate of chronic undernourishment is relatively stable (with a slight upward trend), the report notes that rapid population growth means that the size of the problem is steadily increasing in absolute terms. As policy priorities over the short to medium-term, the report identifies structural weaknesses of the food system as well as global shocks as having negatively impacted the livelihoods and incomes of farmers and exacerbated food security risks. To mitigate these challenges, focus should be placed on prioritizing safety net measures to enhance short-term food availability and access for the most food-insecure and vulnerable households, as well as addressing structural challenges to improve agriculture productivity and competitiveness and enhance the livelihoods of smallholder farmers.






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UNDP, Apex Bank And LAPO Microfinance Team up For Sierra Leone’s Informal Economy Advancement


In a significant stride towards advancing economic inclusivity and prosperity, UNDP Sierra Leone has unveiled a strategic alliance with Apex Bank and LAPO Microfinance for their joint informal economy initiative.

Under this cooperative endeavor, UNDP Sierra Leone, Apex Bank, and LAPO Microfinance will collaborate closely to craft, test, and extend financial products and services customized explicitly for the informal enterprises and entrepreneurs in Sierra Leone. This pioneering venture is an integral component of the expansive Informal Economy project, generously underwritten by the European Union in Sierra Leone.

This partnership materialized following the initiation of an innovation challenge by UNDP Sierra Leone, wherein Apex Bank and LAPO Microfinance distinguished themselves as the victors.

Consequently, both financial institutions have been awarded grants of $150,000 each to innovate financial solutions finely tuned to meet the distinct requirements of informal enterprises in the nation.

The core objective of this initiative is to unlock the latent potential of Sierra Leone’s informal economy. By facilitating access to financial services and advocating for formalization, the project aspires to nurture inclusive economic growth, catalyze economic transformation, and enhance the livelihoods of individuals involved in the informal sector.

This ambitious undertaking will be jointly executed by UNDP Sierra Leone and the International Labour Organization, reinforcing the dedication of these entities to catalyzing positive transformations and sustainable development in Sierra Leone.

The partnership uniting UNDP Sierra Leone, ApexBank, and LAPO Microfinance signifies a pivotal stride towards harnessing the economic prowess of the informal sector, ushering in a path towards heightened prosperity and progress within the nation.




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When the Banking Sector is Active, The Economy is Active


The Managing Director of Rokel Commercial Bank, Dr. Ekundayo Walton Gilpin has urged Bank accounts holders in the country to make  sure their accounts are  transactional.

He described  transactional accounts as active and also utilizing the various services banks are offering. He made this statement in a recent Interview with the African Young Voices Television Good morning Salone Program.

He revealed that as a Bank, they are working hard to make sure they provide the required services that will make people become more financially included. He recommended  that customers can be actively financially included when they are able to use mobile Banking applications, apply for loans, transfer money from the App to the Wallet,.

He encouraged people that just do deposits and withdrawals to utilize the other services RCbank is offering like the Banking Cards, Mobile applications for transactions, check balance, pay for insurance through the Banks. He affirmed that there are so many opportunities the Bank  sector is offering to customers to make them actively financially included  compared to people that are opening accounts without doing anything with it.

If the bank becomes better, we will be able to give out more loans, people will be able to do more businesses that will pay taxes and employ more people. So when the banking sector is active, the economy is active. So we are looking forward to provide more services so we become more active so there is more financial transactions in the economy “ Dr. Gilpin stated

He further revealed that RCBank is currently penetrating to the interior because they believe it is their duty to take their services to hard to reach areas and that is why they have branches all over the country.

Sharing his vision for the Bank, Dr. Gilpin revealed that he wants to  see the financial sector rise up in Sierra Leone like other African Countries. He encapsulated that he would like  to see RCBank  reach everywhere in the country and also beyond the shores of Sierra Leone .

He acknowledged that he understands that these foreign  countries have their different level of standards that may be difficult to reach as of now but they are working towards that incrementally. Speaking on Service Provision, he added he is striving to see a bank where people can have access to their accounts through their phones, and link up with banks anywhere in the  world.

He affirmed that customers outside Sierra Leone can now  use their Banking Cards with the  VISA logo  on them to do International transactions  and they  can also send money  back home to their Bank Accounts  through RCBank various Correspondent Banks In Turkey, New York, United Kingdom e.tc.

Thanking customers for Banking with RCBank and Potential Customers, Dr. Gilpin  thank  Customers for Banking with RCBank and  all  potential customers to come onboard and join RCBank as the bank for the people and by the people.




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