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Sierra Leone Auctions NLe633 Million in Government Securities


The Bank of Sierra Leone (BSL) has successfully auctioned NLe 633 million in government securities, a move aimed at bolstering the nation’s economy and funding critical development projects.

Awoko reports that the auction, held on February 6, 2025, offered a variety of treasury bills and bonds, catering to both short-term and long-term investment strategies.

The offering included short-term Treasury Bills (T-bills) with maturities ranging from 91 days to one year. Specifically, the auction featured:

NLe 4.47 million in 91-day T-bills, maturing in May 2025
NLe 12.46 million in 182-day T-bills, maturing in August 2025
NLe 482.05 million in 364-day T-bills, maturing in February 2026

For investors seeking longer-term opportunities, the BSL also made available:

NLe 60 million in 2-year Treasury Bonds (T-bonds), maturing in February 2027
NLe 74.1 million in 3-year Treasury Bonds (T-bonds), maturing in February 2028

This diversified portfolio of securities was designed to attract a broad range of investors, from individuals to institutions, while simultaneously providing the government with the necessary capital to finance its programs and meet its financial obligations.

Government securities are a key instrument for economic management, enabling governments to fund infrastructure development, social programs, and other essential initiatives. The NLe 633 million raised through this auction demonstrates the government’s commitment to fostering sustainable economic growth.

To ensure widespread participation, the BSL facilitated access to these investment opportunities through commercial banks and discount houses, making them available to a broader segment of the public.



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Chief Minister Commends Newly Refurbished Government Printing Press


Chief Minister Dr. David Sengeh on Monday lauded the newly refurbished Government Printing Department, hailing it as a prime example of a successful Public Private Partnership (PPP).

The surprise visit was made alongside the Ministers of Information and Civic Education.

Taking to his X page (formerly Twitter), Dr. Sengeh highlighted the positive outcomes of the refurbishment, stating, “This is an excellent example of what a good Public Private Partnership can look like.” He further explained that the project followed a build, operate, and transfer model, which initially involved private sector participation but is now fully managed by the Government of Sierra Leone.



The renovation of the Government Printing Department is expected to enhance the quality and efficiency of official publications and document production in the country. The printing press, which had been in dire need of modernization, now boasts state-of-the-art equipment and is geared toward improving service delivery for public sector needs.

The visit underlines the government’s commitment to revitalizing critical infrastructure through innovative partnerships and investment in key sectors. The Chief Minister’s praise for the project reflects broader government efforts to strengthen the country’s administrative capacities while fostering economic collaboration with the private sector.

The refurbishment is expected to streamline operations at the printing press, which plays a vital role in producing government documents, official notices, and educational materials. By adopting the build, operate, and transfer model, the government successfully leveraged private sector expertise in the initial phases, ensuring the sustainability of the project.

This development is seen as a significant step toward achieving efficiency in public service delivery, with the facility now fully under government control.



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Chief Minister Commends Newly Refurbished Government Printing Press


Chief Minister Dr. David Sengeh on Monday lauded the newly refurbished Government Printing Department, hailing it as a prime example of a successful Public Private Partnership (PPP).

The surprise visit was made alongside the Ministers of Information and Civic Education.

Taking to his X page (formerly Twitter), Dr. Sengeh highlighted the positive outcomes of the refurbishment, stating, “This is an excellent example of what a good Public Private Partnership can look like.” He further explained that the project followed a build, operate, and transfer model, which initially involved private sector participation but is now fully managed by the Government of Sierra Leone.



The renovation of the Government Printing Department is expected to enhance the quality and efficiency of official publications and document production in the country. The printing press, which had been in dire need of modernization, now boasts state-of-the-art equipment and is geared toward improving service delivery for public sector needs.

The visit underlines the government’s commitment to revitalizing critical infrastructure through innovative partnerships and investment in key sectors. The Chief Minister’s praise for the project reflects broader government efforts to strengthen the country’s administrative capacities while fostering economic collaboration with the private sector.

The refurbishment is expected to streamline operations at the printing press, which plays a vital role in producing government documents, official notices, and educational materials. By adopting the build, operate, and transfer model, the government successfully leveraged private sector expertise in the initial phases, ensuring the sustainability of the project.

This development is seen as a significant step toward achieving efficiency in public service delivery, with the facility now fully under government control.



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Government Orders Sierra Rutile to Resume Mining or Face Repercussions


The government of Sierra Leone has directed mining company Sierra Rutile to restart mining operations in Area 1 by the end of May. This directive comes after Sierra Rutile suspended activities in January due to a dispute over taxes.

The government views the suspension as a violation of the Mines and Minerals Development Act and has given the company until May 31st to comply. Sierra Rutile, however, disagrees with this stance and is currently evaluating its options in response to the government’s order.

The disagreement stems from ongoing negotiations regarding a new tax regime for Area 1. In May 2023, both parties began discussions for a “third amendment agreement” that would define the fiscal terms. However, negotiations stalled in January when the government decided to abandon the proposed agreement, reverting Sierra Rutile to the tax regime established in 2001.



The mining company argues that the older tax structure makes continued operations in Area 1 economically unsustainable. It remains to be seen whether Sierra Rutile will comply with the government’s order or take further action to defend its position.



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Government of Sierra Leone Revokes Temporary Tax Incentives Granted to Sierra Rutile


The Sierra Leone government has revoked a generous tax break for mining company Sierra Rutile Limited (SRL), citing the company’s improved financial performance as a breach of good faith.

In a letter addressed to SRL and made available to Sierraloaded, Finance Minister Shęku A.F. Bangura announced the government’s decision to revert to the original 2001 agreement’s fiscal regime, effective July 1st, 2023. This move cancels the temporary tax base reset incentives granted in August 2021 to help SRL recover from financial difficulties.

The minister justified the action by highlighting SRL’s “increasingly growing reported revenues and Net Profit After Tax of over $75 million in each of the last two years.” He argued that this success, driven by increased production and rutile prices, contradicted the justification for the tax break and deprived the government of much-needed tax revenue.



Bangura emphasized that the initial tax incentives were offered “in good faith” to ensure SRL’s survival after it threatened to suspend operations in 2021. However, he expressed disappointment that SRL failed to inform the government about its improved financial situation.

“This is completely unfair to the Government and people of Sierra Leone,” Bangura stated, pointing out the missed opportunity to use the withheld tax revenue for development programs.

The letter instructs the National Revenue Authority to collaborate with SRL to determine the revised tax obligations under the original agreement. It concludes by urging SRL to “show responsible business practice” and accept the decision.



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Government to Add 5% Tax Increase on Lottery Winnings


Martin E Michael, the Managing Director of Mercury International, took to Twitter to highlight a crucial change within the Sierra Leone Finance Bill 2024 which will see a 5% tax increase winnings .

In his tweet, Michael specifically noted the impact on Mercury International’s customers, stating that starting from the 1st of January 2024, a revised tax rate will be imposed on winnings above 1,000 units. He highlighted a 5% increase, explaining that individuals falling within this bracket will now have to pay 15% of their winnings to the government.

He remarked, “All Mercury customers who from 1st January 2024 (I presume that is the start date) win above 1,000 will have to pay 15% of their winning to Govt, an increase of 5%. So if you win 1,000 you pay currently 100 to Govt but from next year it will increase to 150.”



To elucidate the implications, Michael provided an example, stating that currently, if an individual wins 1,000 Leones, they are obligated to pay 100 Leones to the government. However, with the incoming alteration in the tax policy, this figure will rise to 150 units from the upcoming year, marking a 50% increase in the amount directed towards the government from their winnings.

The adjustment in the tax rates on lottery winnings, as highlighted by Michael, is poised to have a direct impact on customers participating in Mercury International’s lottery offerings. The increase, though aimed at bolstering government revenue, may potentially alter the financial landscape for individuals who experience such winnings.

The announcement by the Mercury International MD underscores the importance for stakeholders and customers to prepare for the upcoming changes in tax policy, indicating a significant shift in the financial responsibilities associated with lottery winnings in Sierra Leone from the commencement of 2024.



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Sierra Leone Government Le4.5 Billion Expenditure For Q2 2023 Revealed in Fiscal Report


The Sierra Leone Quarterly Fiscal Report has indicated that the government’s expenditure reached SLe 4.5 billion (SLE4,515,898,000) in the second quarter ending June 30, 2023.

This report, curated by the Accountant General’s Department, provides detailed insights into the government’s financial operations.

Awoko reports that the reported amount covers the spectrum of operational costs, including financial charges associated with both local and international debt, arrears clearances, and debt repayment. Accountant General Richard S. Williams confirmed that the report’s figures were collated from genuine revenue and expenditure data related to the Consolidated Fund and central government.



A breakdown of the total operational costs reveals that:

  • Wages and salaries consumed SLE1,127,725,000.
  • Social security and benefits for employees were allocated SLE241,731,000.
  • Expenses excluding salary and interest came up to SLE901,856,000.
  • Current transfers were marked at SLE1,447,170,000.
  • Capital expenses and transfers, inclusive of foreign debt interest, summed up to SLE583,637,000. These figures solely reflect the Consolidated Funds.

The quarter also saw financial expenses arising from local interest (SLE597,198,000) and foreign interest (SLE28,187,000).

On the revenue side, external grants for this period summed up to SLE12,853,000, with domestic revenue generation by agencies recorded at SLE32,652,000. Cumulatively, project and sub-vented agency revenues amounted to SLE45,505,000.

Furthermore, the consolidated revenue accrued during Q2 2023 was SLE2,412,809,000, with SLE2,406,882,000 stemming from domestic sources and a grant of SLE5,927,000 donated by Development Partners.

The domestic revenue of Q2 2023 comprised:

  • Tax income, profits, and capital gains: SLE903,892,000 (38% of domestic revenue)
  • Customs and excise: SLE52,424,000 (2%)
  • Goods and Services Tax (GST): SLE457,673,000 (19%)
  • International Trade and Transport taxes: SLE336,000,000 (14%)
  • TSA revenue: SLE319,401 (13%)
  • Other taxes and non-tax revenue: SLE261,810 (11% of domestic revenue).

 



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