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Super Advertis Reportedly Defrauds Sierra Leoneans of 9 Billion Leones


Super Advertise, an online business platform operational in Sierra Leone from October 2023 to late December 2023, finds itself in a startling situation as it faces allegations of fraudulent activities. According to reports from the Gleaner Newspaper, Super Advertis is accused of defrauding Sierra Leoneans, amounting to over Le 9,000,000,000.00 ($369,000.00) through task commissions.

Adding complexity to the situation, Super Advertise asserts that Orange-SL, a prominent mobile operator, has frozen all its accounts. This move by Orange-SL not only raises concerns but also intensifies the dispute as the online promotion service platform accuses the mobile operator of obstructing its operations.

Responding swiftly to the serious accusations, Orange-SL issued a statement on January 3rd, 2024, vehemently refuting any involvement or contractual association with Super Advertise. Orange-SL clarified that there are no frozen accounts linked to the accused company on their Orange Money platform.



The conflicting narratives from Super Advertise and Orange-SL have created unease within the Sierra Leonean community. Authorities are now tasked with the challenging responsibility of uncovering the truth behind these allegations and assessing the extent of Super Advertise’s alleged fraudulent activities.

The reported defrauded amount of Le 9,000,000,000.00 ($369,000.00) adds financial distress to an already sensitive matter, prompting affected individuals to seek justice and accountability for their losses.

This unfolding saga underscores the risks associated with online platforms and emphasizes the importance of exercising due diligence in engaging in online transactions. It serves as a reminder for users to be cautious and prompts regulatory bodies to enhance oversight in the continually evolving landscape of online services in Sierra Leone.



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Elephant Bet Emerges as Sierra Leone’s Premier Betting Company, Delighting Customers and Retailers Alike


In a recent interview, esteemed retailer Bonton Cole shared his exceptional experience with Sierra Leone’s leading betting company, Elephant Bet. Praising the company’s streamlined online platform and cutting-edge technology, Cole emphasized how Elephant Bet stands out for its efficient payment system, ensuring timely payouts, a significant edge over other betting firms.

One remarkable feature highlighted by Cole was Elephant Bet’s unique commission structure. The company pays out commissions every two weeks in physical cash, aligning with individual sales. Football games earn a commission of Le 8 for every Le 100 in sales, while the 5/90 Lotto yields Le 16 for every Le 100 sold. This lucrative incentive has empowered customers, with notable wins reported—such as a staggering 48 million leones scored from a mere Le 20 ticket.

Cole also commended Elephant Bet’s commitment to excellent customer care, emphasizing their attentive treatment of retailers. Notably, Elephant Bet pledges to repair retailer machines free of charge, ensuring seamless operations for their partners.



Notably, Cole stands among Elephant Bet’s top five highest-selling retailers, consistently generating approximately Le 2 million in sales per day—a testament to the company’s robust offerings and customer trust.

Elephant Bet, renowned for its diverse portfolio encompassing sports betting and casino products, including live betting, virtual games, attractive promotions, and substantial prizes, continues to redefine the betting landscape in Sierra Leone. With a reputation for reliability and innovation, it remains the go-to choice for discerning bettors seeking a comprehensive and trustworthy betting experience.



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New Bank Governor Explains The Transition From Old Leones to New Leones


Sierra Leone’s Bank Governor, Dr Ibrahim Stevens, has confirmed that the old Leones is to finally ceased to be a legal tender in the country by the end of 2023.

He was speaking in an exclusive interview with Radio Democracy 98.1, on Wednesday 22nd November, 2023 where He better explained the transition from the old Leones to the new one.

He said by the 31st December of this year, the old notes would not be allowed to be used in transactions, adding that it will totally cease to circulate in transactions.



However, he noted that although the old Leones would not be allowed in transactions after that period, Sierra Leoneans would not forfeit their monies. He said they would not lose any value, adding that they only need to go with their old currency to the Bank of Sierra Leone or any Commercial Bank from the 1st January to 31st March next year, and exchange them for the new notes with the same face value as the ones they went with.

“if you bring with you OLE 10,000, you should be given Nle 10” he assured.

Sierra Leone is presently using two Leone notes: the Old Leones (Le) and the New Leones (NLE). This has been since the introduction of the redenominated currency on the 1st July, 2022.

The old Leones would have ceased to be a legal tender in October last year, according to the announcement by the government a few weeks after the launch of the New Leones. The expiry date was later extended to the 31st March, 2023.

However, the old notes remained dominant in the market, even after the end of the extension, raising questions on the adequacy of the redenominated notes.



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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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Sierra Leone’s Foreign Reserve Grows by 12.69%


In April 2023, there was a notable 12.69% increase in reserve money owned by the government of Sierra Leone.

This increase was primarily due to a boost in the Bank of Sierra Leone (BSL)’s net domestic assets (NDA), even amidst a decrease in net foreign assets (NFA). Reserve money is crucial for promoting investments, transactions, managing international debt, and influencing domestic exchange rates.

Regarding liabilities, the rise in reserve money was evident in the increased currency issuance, surpassing the growth in bank reserves. Broad money (M2) grew by 2.24% in April 2023, driven by a hike in the banking sector’s NDA, which overshadowed the decline in NFA. The NDA increased by 4.69%, which mirrors an uptick in net claims on the government by both BSL and Other Depository Corporations (ODCs). Conversely, the NFA of the banking system dropped by 9.36%, mainly due to a decline in both BSL’s and ODCs’ NFA. Additionally, April 2023 marked a slight 0.53% rise in credit extended to the private sector, a drop from the previous month’s 5.92%.



In response to the evolving economic environment, the Bank adjusted its monetary policy rate (MPR) and the standing lending facility (SLF) rate by 0.50 percentage points each. The MPR was set at 19.25%, and the SLF rate at 22.25%, with the standing deposit facility rate (SDF) remaining at 12.75%. In May 2023, the interbank rate slightly increased to 20.88% from April’s 20.77%, aligning with the policy corridor. Commercial banks’ average lending rates stayed at 21.23% in May 2023, while savings rates remained at 2.17%, making the gap between the two a consistent 19.06%.

Moreover, 2023 showed varied trends in government securities’ average yields. The 91-day Treasury bills weren’t traded in January, March, and April, but their average yield decreased from 8.44% in February to 4.11% in May 2023. The 182-day Treasury bills, not traded in January, March, and April, had a yield of 10.49% in May 2023. The 364-day bills maintained stability, with yields ranging from 28.24% to 28.28% between January and May, ending at 28.24% in May 2023.



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Sierra Leone’s Aviation Hub Aspirations Dented by AirFrance’s Departure


Air France is indefinitely suspending its flights to and from the country in October this year. This suspension is a blow to the nation’s aspirations of becoming a regional aviation hub. The decision, said to be attributed, to low traffic volume and high fees, poses significant challenges to both the nation’s economy and its prospects for tourism.

Just a few months prior, in March 2023, Sierra Leone celebrated a remarkable achievement – the inauguration of a state-of-the-art terminal at #Freetown International Airport, Lungi. Covering an impressive 14,000 m² area with a striking wavelike roof design, the terminal symbolized the country’s determination to position itself as a pivotal player in West African aviation. With a capacity to handle up to 90,000 passengers per month and accommodate eight widebody jets simultaneously, the new terminal promised a seamless travel experience for passengers and an attractive opportunity for airlines looking to expand in the region. This development led us to anticipate more flights, not fewer.

We were wrong. With the suspension of AirFrance, Sierra Leone is now left with only five major airlines serving the country, namely Turkish Airlines, Brussels Airline, Kenya Airways, ASKY Airlines and Royal Air Maroc. This reduction in air carriers is detrimental to businesses and the nation as a whole, and it is projected to result in a substantial loss of revenue.



Before AirFrance’s suspension, many passengers were already exploring alternative travel options, such as road or boat travel to #Guinea and then flying from Conakry, where airfares might be more competitive. The loss of AirFrance flights will exacerbate this issue and risk further dwindling passenger numbers.

As highlighted by Umaru Fofana (in a Facebook post), Sierra Leone must urgently rethink its tax policies to address the challenges faced by the aviation industry. Presently, passengers pay higher fares to travel to Sierra Leone compared to other destinations in West Africa. This dissuades potential travelers, especially members of the Sierra Leonean Diaspora, who make substantial investments in the country, from coming back home. Umaru’s suggestion to review the tax structure and additional charges at the airport is well-founded and requires immediate attention from the authorities.

The exorbitant cost of air travel also hampers Sierra Leone’s potential as a tourism destination. Revisiting the country’s economic and tourist policies is crucial to avoid short-sighted decisions that may result in significant long-term consequences. The present high costs deter international tourists from exploring Sierra Leone’s natural beauty and rich cultural heritage.

The suspension of Air France flights should serve as a wake-up call for Sierra Leone. While the opening of the state-of-the-art terminal marked a significant milestone, sustaining and expanding the aviation sector requires a comprehensive and strategic approach. Collaborating with airlines, revising tax policies, and enhancing promotional efforts to attract tourists are essential steps for #SierraLeone to fulfill its ambitions of becoming a thriving aviation hub and tourist destination in West Africa. Through proactive measures, we can rise above the current challenges and showcase our country. Let’s seize this opportunity and reform.



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