Sierra Leone’s President Julius Bio made a resounding commitment to bolster business development in Sierra Leone during his address at the Rebranding Africa Forum meeting held in Brussels on 20 October 2023.
President Bio emphasized his dedication to supporting and encouraging business growth in Sierra Leone while addressing officials and fellow African leaders. He stressed the strong and harmonious relationship between the government of Sierra Leone and the private sector, underscoring a robust bond that facilitates cooperation.
The President’s statements were corroborated by the recent annual political dialogue he had with the European Union and various private companies operating in Sierra Leone, reflecting the collaborative efforts to promote economic progress.
“I am here fighting, or attempting to be a marketer because I want to convince you that I am up to the task,” President Bio declared.
He expressed his unwavering commitment to attracting more businesses to Sierra Leone, stating, “Whatever it takes to bring more businesses into Sierra Leone, I am prepared to convince you and provide support.”
President Bio’s remarks highlight his administration’s dedication to fostering economic growth and strengthening Sierra Leone’s position as an attractive destination for investments and business development.
The Rebranding Africa Forum provided a platform for African leaders to discuss strategies for enhancing the continent’s economic prospects, and President Bio’s strong endorsement of Sierra Leone’s private sector aligns with the broader goals of the event.
Sierra Leone’s Ministry of Finance has engaged the banking sector and other key private sector players in the 2024 finance bill formulation.
The Ministry commenced consultations with these sector players in developing tax policies to form part of the 2024 Finance Bill to be tabled by the Minister of Finance later this year for proper justification and approval.
These consultations according to them are part of the Ministry’s approach to formulating revenue and tax policies with public institutions and the private sector to get their input and seek cooperation when these policies eventually come into effect.
They maintained that the engagements would continue with Importers, exporters, Local Manufacturers, Telecoms, and private sector players.
In a grand display of customer appreciation during Customer Service Week, Guaranty Trust Bank (GT Bank) Sierra Leone distributed a variety of gifts to its patrons at the main headquarters in Freetown on Tuesday, October 11th. The celebratory atmosphere extended from the Wilberforce headquarters to its 14 branches across the nation.
Speaking on the rationale behind the GT Bank Customer Service Week, Head of Cooperate Affairs, Arthur Kallon revealed that Customers Service Week which normally occurs in the first week of October is an international celebration that cooperate institutions use to appreciate their customers.
Kallon extolled the longstanding harmonious relationship between GT Bank and its customers, highlighting the customer-centric nature of the bank’s products and services, informed primarily by customer feedback.
He described their celebration of the week as a gesture to appreciate GT Bank customers for their loyalty to the brand. He confirmed that the celebration can’t be completed if they only targeted customers without taking the staff into consideration, so they are celebrating a staff customer’s service week. He justified that it’s a win situation where in the bilateral relationship between the staff and the customers is being expressed in celebratory mood.
Describing GTBank line of activities with customers and staff during the 5 days celebration, Kallon said, “We stay consistent to what others are doing across all subsidiaries, across GTCO, Africa and the United Kingdom. There are some areas we go overboard; there are some areas we stay within the limit. What we are doing here we dedicated the five working days to different activities from Monday to Friday. If you check out our branches in Freetown and all 14 branches you will notice that there are different types of celebrations. The attire that staffs are using throughout this week is remarkable, and beautiful. The official colours of GT Bank which Orange and white is being expressed in the way we dress throughout the cause of this week. We have raffle draws that staff are winning Top up Cards, Teacups, Keys or Key Holders, Pens, diaries and refreshments that ranges from sweets biscuits to create a relaxing mood.”
As the culmination of the week, staff will dress in the attire of various professions they serve, including the police, teachers, journalists, and pilots, symbolizing the deep connection between the bank and its diverse clientele.
The distributions of gifts to customers, were done by staffs with great delight, as the team distributed hundreds of assorted items to most of their customers in the banking hall.
Kallon called on customers and staff to enjoy the week and trust the GT Banking Process. He acknowledged that there are some challenges even outside the industry, but they will continue to work on them.
A beneficiary driver at the GT Bank Headquarters, Alusine said, ‘I am very happy with what you people are doing. This afternoon I didn’t even know I was going to get a special gift. I am surprised.”
Similarly, Isatu Mansaray thanked GT Bank for the donated items. She added that this is the first time she has received such a gift from a Banking institution in Sierra Leone.
GT Bank has consistently built its reputation on exceptional customer service and anticipating their needs, standing out for its commitment to delivering quality banking experiences.
Due to the recent hike in the prices of petroleum products, electricity tariffs, and the foreign exchange rate in the country, the telecommunication sector is expected to normalize its tariff soon.
It is without gainsaying that all other sectors have adjusted their charges as a result of the factors listed above but it is only the telecommunication sector that has been left unattended.
We are of the view that if nothing is done to protect the sector from facing economic insolvent it will be counterproductive to the state in terms of revenue generation, youth employment, and providing financial and moral support to national activities. This sector which has been ostensibly neglected is currently one of the highest taxpayers in the country that has the highest rates of youth employment.
With no iota of doubt, if the tariff normalization does not take effect soon, there is a tendency for over 50% of staff within the sector to lose their jobs and there is also a proclivity for the sector to scale down or short down some sites in remote areas where they are spending millions of leones to provide connectivity. This itself will be a burden on the people and government of Sierra Leone which is more the reason that the tariff adjustment is needed now to prevent such shortfall in the sector.
Other areas, like the media, sport, entertainment, tourism, education, child welfare, civil society, and other sectors that are currently benefitting hugely from the magnanimity provided by the telecommunication sector will be left to suffer; particularly the media fraternity to which we belong.
A seasoned economist, Mr. Dennis Sankoh has argued that when the cost of producing goods or services is higher than the profit margin, it will lead to a shutdown of operation. Therefore, he has urged the government of Sierra Leone to intervene by factoring a new tariff adjustment to protect the telecommunication industry from falling or find a win-win situation that will lead to economic equilibrium in the sector.
“If the telecommunications sector continues to face serious economic challenges or crisis it will hurt the economy in terms of services, trade, Corporate Social Responsibility, and employment,” he warned, adding by applauding the telecom sector for still being committed to driving investment in the sector.
However, the economic expert is of the view that the constant rise in input costs whilst the tariffs are stagnated at a rate that had been fixed since January 2023, it difficult for the sector to make more gains in terms of investment and creation of jobs in the country. He added that the situation will be further exacerbated by the devaluation of the Leone as against the dollar.
The recent monetary policy statement issued by the Bank of Sierra Leone has revealed that inflationary pressures have remained persistent since their previous MPC Meeting due to the demand and supply side factors.
The Policy statement affirmed that headline inflation edged up from 44.3 percent in May 2023 to 44.81 percent in June 2023 and increased significantly further to 50.94 – percent in August 2023.
The monetary statement further pointed out that headline inflationary pressures continue to be largely driven by both food inflation and non-food inflation.
The Monetary Policy Committee of the Bank of Sierra Leone met on 28 September 2023 in a meeting chaired by the Acting Bank Governor, Dr. Ibrahim L. Stevens. After a careful assessment of recent macroeconomic and financial developments in the global and domestic economy and the implications for domestic inflation and growth, the MPC decided to raise the Monetary Policy Rate [MPR] by 2.0 Percentage points, to 21.25.
The Bank of Sierra Leone has announced a hike in the Monetary Policy Rate (MPR) by 2 percentage points, increasing it to 21.25 percent.
This decision was revealed in a recently published document following a meeting of its Monetary Policy Committee (MPC) on 28 September 2023. The meeting was chaired by the Acting Governor, Dr. Ibrahim L. Stevens.
The document noted, “After an assessment of recent macroeconomic and financial developments in the global and domestic economy and the implications for domestic inflation and growth, the MPC decided to raise the Monetary Policy Rate (MPR) by 2.0 percentage points, to 21.25 percent.”
In explaining the rationale behind this decision, the Bank of Sierra Leone pointed to several factors. Global economic developments, inflation rates, domestic economic activities, fiscal development, as well as the state of money, banking, and financial system stability were all cited as significant considerations that influenced the monetary stance.
The document went on to emphasize the challenges of inflation, stating, “Inflation remains a serious and persistent challenge and there are upward risks to the outlook for inflation. These risks include further hikes in fuel and transportation costs, exchange rate depreciation, expansion in monetary aggregates, the continuous rise in the price of imported commodities, and inflation expectations. Given these risks and the level of persistence, the MPC is of the view that the stance of monetary policy going forward has to be contractionary (tight) over the next few quarters.”
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.
