/ By admin / Blog/ • • • • • • • • • / 0 Comments

Koidu Limited Loses Over $6 Million to Workers’ Strike


Koidu Holdings Limited has submitted a preliminary report to the Ministry of Mines and Mineral Resources detailing the impacts of the recent industrial strike in Kono District, which  has now dragged on for nearly five weeks and is estimated to have cost the company between $6 million and $8 million in production losses.

The Minister of Mines and Mineral Resources, Julius Mattai, confirmed receipt of the report while speaking at a press briefing in Freetown, and further expressed concern over the significant disruption to operations at the company’s diamond mine.

The strike, which gained public attention following support from First Lady Fatima Bio and employees, was reportedly triggered by disagreements over wages and salary increments, pointing to a broader industrial dispute and financial standoff between workers and management.



“The company is deeply worried about the production losses incurred. This disruption affects not just their operations but also national export figures and economic output.” the Minister stated.

Reportedly, Koidu Holdings is one of Sierra Leone’s flagship mining operations, contributes roughly 12% of the country’s total export value, with a workforce of approximately 1,000 employees, mostly nationals. At one point, the sector’s export contribution had dropped drastically from 8.8% to 2.3%, highlighting the volatility of the industry.

Minister Mattai explained that, despite the ongoing strike, the company has managed to maintain some operations under what is known as “Care and Maintenance” mode, a scaled-down system designed to preserve machinery and critical systems until full production resumes.

“They realized that if most national staff return to work, they can still manage some level of production without completely shutting down,” he noted.

The minister also pointed to provisions in the revised Mines and Minerals Act, which allows licensed mining companies a 100-day notification period in the event of a strike or technical emergency. This legal window enables companies to engage relevant authorities while taking precautionary or corrective action.

However, Mattia clarified that while the Ministry of Mines focuses on health, safety, and technical operations, labor-related grievances fall under the jurisdiction of the Ministry of Labour and Social Security.

“There’s a clear distinction in roles. When it comes to industrial actions triggered by salary disputes or working conditions, it’s the Ministry of Labour that takes the lead,” he emphasized.

The situation remains under review as stakeholders, including Koidu Holdings, government officials, and labor representatives, continue discussions aimed at resolving the standoff and restoring full operations



Source link

/ By admin / Blog/ • • • • • • • • • • • • • • • / 0 Comments

Pee Cee & Sons Secures $12 Million International Funding to Develop Onion Farm in Sierra Leone


The International Finance Corporation (IFC) has committed $12 million to support the development of Sierra Leone’s first commercial-scale onion farming operation, in partnership with Pee Cee Holding Ltd. (PCH).

The investment is expected to transform the country’s agricultural landscape, boost local food production, and reduce dependence on imported onions.

The funding will go to Pee Cee Agriculture (PCA), the agribusiness subsidiary of PCH, to establish a fully irrigated and mechanized 500-hectare farm. The facility will produce over 40,000 tons of onions annually, alongside other essential crops such as maize and potatoes. Designed to operate year-round, the project integrates precision irrigation technology, modern machinery, and advanced storage systems to reduce post-harvest losses and enhance supply chain efficiency.



“This investment is a game-changer for Sierra Leone’s agricultural sector,” said Mahesh Nandwani, CEO of PCH. “With IFC’s support, we are proving that high-quality, large-scale food production is achievable within the country—building a model for food security, job creation, and long-term sustainability.”

The project comes at a critical time for Sierra Leone, where the majority of onions and several key staples are still imported. By strengthening domestic production, the initiative aims to make food more accessible and affordable, while also offering employment and skills training opportunities, particularly for rural women.

Beyond funding, IFC has played a significant role in developing PCA’s model over the past four years. The partnership included technical advisory support to improve operational efficiency, environmental performance, and risk mitigation. Pilot programs led by IFC demonstrated dramatic improvements, with onion yields increasing tenfold compared to national averages.

“Investing in sustainable agriculture is essential for building economic resilience and reducing reliance on imports,” said Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa. “This partnership with PCH sets a new standard for commercial farming in Sierra Leone and across the region.”

PCH, which started as Pee Cee & Sons and has grown into one of Sierra Leone’s most prominent consumer goods companies, is leveraging its extensive distribution network to ensure local market access for the farm’s output. Through its subsidiaries, including Milla Group and Jolaks Manufacturing, PCH has already demonstrated its capacity for industrial innovation and market leadership.

This venture into agriculture represents a strategic expansion for the group, with a strong focus on climate-smart farming, food system resilience, and community impact. It also aligns with IFC’s broader goals of fostering inclusive private sector development across Africa.

With construction underway and a strong foundation already in place, the PCA project is expected to serve as a blueprint for future agri-investments in West Africa, delivering long-term value to farmers, consumers, and the wider economy.



Source link

/ By admin / Blog/ • • • • • • • • • • / 0 Comments

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.



Source link

/ By admin / Blog/ • • • • • • • • • / 0 Comments

Rokel Bank Scoops NLe 191.6 Million Profit


The Bank of Sierra Leone has approved the Rokel Commercial Bank Statements of Account – revealing a staggering NLE191, 627, 038 (One Hundred and Ninety-One Million, Six Hundred and Twenty Thousand and Thirty-Eight Cents) for the 2023 Financial Year.

Profit after tax is Nle142,802,319, eclipsing the NLe69,48,024 the previous year.

This significant achievement represents a 104% increase from the NLe94 Million recorded in 2022. Consequently, customer deposits rose to NLe2.9Billion indicating a 25% increase from NLe 2.35Billion recorded in 2022.



The growth in deposits has triggered a significant growth in the bank’s balance sheet from NLe3.2Billion in 2022 to NLe3.8Billion in 2023 representing a 18.75% increase respectively. Total earnings per share also grew from NLe0.76 per share (2022) to NLe1.56 per share (2023).

In September this year, the RCBank Celebrated its 25th Anniversary after a smooth transition from Barclays Bank Plc in 1999 which had operated the bank for nearly a century.

The celebrations were marked by several indoor and outdoor activities including Christian and Muslim thanksgiving services and a special event to recognizing staff who have had 15 to 35 years of unbroken record of service.

In each of these events, the Managing Director, Dr Walton Ekundayo Gilpin re-echoed a renewed sense of hope and commitment in expanding and making Rokel Commercial Bank a dominant force in the subregional finance industry.



Source link

/ By admin / Blog/ • • • • • • • • • / 0 Comments

Rokel Bank Scoops NLe 191.6 Million Profit


The Bank of Sierra Leone has approved the Rokel Commercial Bank Statements of Account – revealing a staggering NLE191, 627, 038 (One Hundred and Ninety-One Million, Six Hundred and Twenty Thousand and Thirty-Eight Cents) for the 2023 Financial Year.

Profit after tax is Nle142,802,319, eclipsing the NLe69,48,024 the previous year.

This significant achievement represents a 104% increase from the NLe94 Million recorded in 2022. Consequently, customer deposits rose to NLe2.9Billion indicating a 25% increase from NLe 2.35Billion recorded in 2022.



The growth in deposits has triggered a significant growth in the bank’s balance sheet from NLe3.2Billion in 2022 to NLe3.8Billion in 2023 representing a 18.75% increase respectively. Total earnings per share also grew from NLe0.76 per share (2022) to NLe1.56 per share (2023).

In September this year, the RCBank Celebrated its 25th Anniversary after a smooth transition from Barclays Bank Plc in 1999 which had operated the bank for nearly a century.

The celebrations were marked by several indoor and outdoor activities including Christian and Muslim thanksgiving services and a special event to recognizing staff who have had 15 to 35 years of unbroken record of service.

In each of these events, the Managing Director, Dr Walton Ekundayo Gilpin re-echoed a renewed sense of hope and commitment in expanding and making Rokel Commercial Bank a dominant force in the subregional finance industry.



Source link

/ By admin / Blog/ • • • • • • • • • • • • • / 0 Comments

Sierra Leone’s Central Bank to Auction NLe333.07 Million in Treasury Bills and Bonds


The Central Bank of Sierra Leone has announced a significant treasury bills auction scheduled for Wednesday, June 19, 2024. The auction will offer a total of NLe333.07 million, spanning a variety of government securities including short-term treasury bills and longer-term treasury bonds.

This auction presents a mix of 91-day, 182-day, and 364-day treasury bills, alongside 2-year and 3-year treasury bonds, providing a range of investment opportunities for financial institutions and individual investors alike. The move underscores the Central Bank’s ongoing strategy to manage national debt and stimulate investment in government securities.

A detailed breakdown of the offerings reveals that NLe1,568,750.00 has been allocated for the 91-day bills, NLe3,137,500.00 for the 182-day bills, and a substantial NLe284,290,600.00 for the 364-day bills. In addition, NLe16,255,600.00 will be available for the 2-year bonds and NLe27,734,000.00 for the 3-year bonds.



This week’s offer marks a notable 28.9 percent increase from the previous auction on June 6, 2024, which saw a total of NLe63,654.60 million offered across similar instruments. The increase in allocation reflects the Central Bank’s effort to attract more investment into government securities, ensuring liquidity and a stable debt management process



Source link

/ By admin / Blog/ • • • • • • • • • / 0 Comments

Sierra Leonean Entrepreneurs to Benefit From $50 Million Loan


Young entrepreneurs, and female-led firms in Sierra Leone, Burkina Faso, Guinea, and Gambia have been announced as the prospective beneficiaries of a US$50 million loan guarantee by the African Guarantee Fund (AGF) to Vista Group Holding.

Under the terms of the agreement, AGF will offer a guarantee of $50 million to Vista Group Holding, enabling Vista to extend loans to SMEs in the four West African countries where it operates. The primary targets for these loans include businesses in the green economy, young entrepreneurs, and SMEs led by women.

Yao Kouassi, Managing Director of Vista Group Holding, expressed the significance of the partnership with AGF in their mission to empower SMEs and contribute to financial inclusion across West Africa. He emphasized that this facility would expand their reach and provide crucial financial support to businesses driving economic development in the region.



Particularly noteworthy is the commitment to supporting SMEs founded and led by women, with 20% of the total guaranteed amount allocated to them. The Afawa program will also provide technical assistance to these women-led SMEs, enhancing their access to financing.

Through the risk-sharing mechanism facilitated by AGF, Vista Group can strengthen the financial stability of its four African subsidiaries by mitigating risks associated with SMEs in its loan portfolio. This collaboration aims to unlock the immense potential of SMEs in the region and drive inclusive economic growth through increased access to financing.

Jules Ngankam, Group Chief Executive Officer of AGF, expressed excitement about partnering with Vista Group, a leading player in the West African banking landscape. The collaboration combines expertise and resources to empower SMEs in the region and foster inclusive economic growth.



Source link