The Bank of Sierra Leone has on the 2nd of October 2023 released the official foreign exchange rate in the country.
The rates include the cost of buying and selling major foreign currencies including U.S. dollars, Pounds Sterling, Euros, and Canadian Dollar, amongst others.
The Central Bank’s disclosed rates are as follows:
Pounds Sterling: Buy at Le 27.1073, Sell at Le 27.3888
U.S. Dollars: Buy at Le 22.2410, Sell at Le 22.4646
Swiss Franc: Buy at Le 24.3908, Sell at Le 24.6325
Meanwhile, in the unofficial market, the US dollar settled at Le25 on Monday, October 2, 2023. This is according to parallel market operators in Central Freetown and Lungi.
As per Hanke’s currency watchlist, the Leone is currently the fifth most depreciated currency globally.
The Bank of Sierra Leone has on the 2nd of October 2023 released the official foreign exchange rate in the country.
The rates include the cost of buying and selling major foreign currencies including U.S. dollars, Pounds Sterling, Euros, and Canadian Dollar, amongst others.
The Central Bank’s disclosed rates are as follows:
Pounds Sterling: Buy at Le 27.1073, Sell at Le 27.3888
U.S. Dollars: Buy at Le 22.2410, Sell at Le 22.4646
Swiss Franc: Buy at Le 24.3908, Sell at Le 24.6325
Meanwhile, in the unofficial market, the US dollar settled at Le25 on Monday, October 2, 2023. This is according to parallel market operators in Central Freetown and Lungi.
As per Hanke’s currency watchlist, the Leone is currently the fifth most depreciated currency globally.
Sierra Leone’s President, Julius Maada welcomed Sekou Drame, Chief Executive Officer of Orange SONATEL Group in a strategic meeting on Thursday 28th September 2023 at State House Freetown.
He expressed heartfelt gratitude to the government for creating the enabling environment regarding the ease of doing business in the country and the government’s Human Capital Investment.
He emphasized the Company’s Commitment to give back to society as he congratulated the president for his second term-Victory.
Speaking on their strive to achieve digital inclusion in the country, he confirmed that since 2016 they had contributed positively to bring the best of technology and service delivery to the doorsteps of Sierra Leoneans. He affirmed Orange’s commitment to continue to provide high speed internet with plans to complete the rolling out of their 5G Campaign in the Country.
He assured the President of their Continue support in the areas social and financial support to Sierra Leoneans on Supporting Health Care Programmes and education.
In his response, President Bio thanked the Company on behalf of Sierra Leoneans for their various interventions and also the constructions of Pre-Schools in various parts in the country
He assured the CEO that his government will continue to support Orange in terms of financial inclusion as he maintains an open door- Policy for all investment in the Country.
Double Up Group of companies, one the leading distributors of premium beverages has announced its exclusive partnership with the main manufacturing and distributing factory in Nigeria for the renowned “Coco Samba” herbal drink.
As the sole distributor in Sierra Leone, Double Up Companies is committed to providing Sierra Leoneans with access to this exceptional herbal beverage.
The Management of Double Up Group of Companies has extended an open invitation to interested Sierra Leoneans who are willing to do business with them. Its emphasis is on transparency and integrity, as it aims to foster mutually beneficial partnerships with individuals and organizations across Sierra Leone.
In light of this, Double Up Group of Companies urges all interested parties to pass through their organization for any form of partnership or collaboration. By doing so, individuals and organizations can ensure that they are engaging in legitimate business practices and avoiding any potential legal consequences.
It is stated that the Double Up Companies is dedicated to upholding the highest standards of quality and authenticity, as attempts to manipulate or exploit the “Coco Samba” herbal drink for personal gain will not be tolerated.
The company confirmed that the product, “Coco Samba” is not meant for sexual exploitation, emphasizing that individuals found guilty of such actions will face the full force of the law.
“We are thrilled to be the exclusive distributor of the highly sought-after ‘Coco Samba’ herbal drink in Sierra Leone,” said Chernoh Barrie (T.) Barrie), Managing Director at Double Up Companies.
“We invite all Sierra Leoneans who are interested in partnering with us to come forward and join us in promoting this exceptional beverage. We are committed to maintaining the integrity of the brand and ensuring that all business dealings are conducted in a fair and lawful manner.”
Double Up Companies encourages all interested parties to reach out to their organization for further information or to discuss potential partnerships.
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).
Looking to transfer money to Sierra Leone? Look no further! Ezipay SL offers a trustworthy and professional service that you can rely on.
They understand the value of your hard-earned money and are committed to ensuring the safety and security of your transfers.
EziPay SL offers a range of services that go beyond just sending money. With this app, you can buy EDSA top-up, pay for purchases, and even buy airtime for Orange and Africell.
This means that you can stay connected with your loved ones and ensure that they have all the essential services they need.
One of the key features of EziPay SL is the ability to transfer funds to Afrimoney and Orange Money. These are the two leading mobile money platforms in Sierra Leone, and with EziPay SL, you can send money directly to these platforms. This means that your loved ones can access the funds easily and use them for their daily needs or emergencies. The convenience and accessibility of EziPay SL make it the ideal choice for sending money to Sierra Leone.
Another advantage of using EziPay SL is the security it offers. EziPay SL uses industry-leading encryption technology to protect your financial information. This gives you peace of mind, knowing that your money and personal data are safe and secure. Additionally, EziPay SL complies with all relevant regulations, ensuring that your transactions are legal and transparent.
Ezipay SL is your go-to service. With their reliable and professional service, competitive rates, low fees, secure transfers, convenient management options, and real-time transaction tracking, we make sending money a breeze. Trust Ezipay SL for all your money transfer service.
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The African SME Finance and Investment Network (ASFIN) will bring together key stakeholders across the country for a one-day Sierra Leone SME Finance and Investment on 31st August, 2023, at the Radisson Blu Hotel, to address some of the major challenges SMEs face in accessing finance.
According to Peter SaSellu, President and CEO of ASFIN, “In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs.” He says that access to finance is a key constraint to SME growth. It is the second most cited obstacle facing SMEs to grow their businesses in emerging markets and developing countries, especially in Africa.
Small and Medium Enterprises (SMEs) are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises. The International Finance Corporation (IFC) estimates that 65 million firms, or 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an unmet financing need of $5.2 trillion every year, which is equivalent to 1.4 times the current level of the global MSME lending. About half of formal SMEs don’t have access to formal credit. The financing gap is even larger when micro and informal enterprises are taken into account.
Ashma Jalloh, the Coordinator of the Summit says the Sierra Leone SME Finance and Investment is timely. She says, “The Objective of the Summit is to focus discussions on adequate funding, access to finance and financial inclusion. This will take care of some of the problems such as provision of modern technology and low managerial skills.”
She says “the SME Finance and Investment Summit will examine the financing of SMEs in Sierra Leone and the various financing options available to SMEs. This will involve looking at debt financing by considering the role commercial, microfinance banks and other financial institutions and investors play in the financing of SMEs in the country. It will also consider the role of equity financing through venture capital and business angels financing. Efforts will aim at adequate funding of SMEs in Sierra Leone.”
According to Rebecca Paulson, Executive Director of ASPIN, “SMEs play a major role in most economies, particularly in developing countries. SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. These numbers are significantly higher when informal SMEs are included. According to World Bank’s estimates, 600 million jobs will be needed by 2030 to absorb the growing global workforce, which makes SME development a high priority for many governments around the world.”
Arecent World Bank Food Security Update has ranked Sierra Leone top in the list of countries to have recorded the highest Price Inflation in West Africa.
The study covers a period of three months starting from March to June 2023.
Awoko Newspaper reported that Sierra Leone is at the apex after Nominal Food Inflation surged to a new peak of 58 percent. The West African nation surpasses its previous peak which was 56 percent.
The new data shows that Sierra Leone is at the top alongside West African neighbours, Ghana.
According to World Bank, the calculations include the use of Consumer Price Index (CPI) and the overall data of the CPI.
Experts have said that the country’s food inflation is affecting the majority of low and middle income earners.
The government acknowledged that the country is undergoing one of its worst economic shocks due to the protracted effect of the Ukraine war and other factors.
Most of the countries affected by food inflation are in Africa, Asia and Latin America. Venezuela ranked top of the list in World Nominal Food Inflation with a score of 414 while Zimbabwe leads in Real Food Inflation with a score of 80.
Sierra Leone scores 58 in Nominal Food Inflation and 13 in Real Food Inflation.
In a strategic move towards enhancing financial inclusivity in Sierra Leone, Rokel Commercial Bank has taken further steps in its digital expansion efforts.
The bank recently unveiled three new kiosks as part of its Agency Banking initiative, strategically placed at Mile 91, Rutile, and Lunsar.
Emile Sannah, Supervisor of the Rokel SimKorpor Unit, highlighted that this development was a key component of the bank’s vision to foster accessibility and streamline financial processes in Sierra Leone.
This forward-looking strategy also aims to introduce seamless paperless transactions, thus alleviating the financial burden previously endured by customers who had to travel considerable distances to access the bank’s facilities.
Leveraging state-of-the-art technology, Rokel Commercial Bank has effectively empowered more than 200 digital banking agents across the nation. These agents are now equipped to execute a wide array of financial transactions, mirroring the services traditionally provided by the bank’s main branches and outlets spread throughout the country.
Distinguished individuals who graced the launch event praised the management of Rokel Commercial Bank for its swift responsiveness to the concerns of the community.
Prior to this digital expansion, residents faced significant challenges in accessing their funds, often requiring arduous journeys to neighboring towns, resulting in substantial financial implications.
Emile Sannah emphasized the stringent background checks conducted on agents, coupled with the signing of legal agreements, ensuring the utmost security of funds.
Notably, the introduced services boast robust security features, including two-factor authentication and end-to-end encryption, providing customers with peace of mind while engaging in their financial transactions.
