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

Rokel Commercial Bank’s MD Dr. Walton Gilpin to Represent Sierra Leone, Speak at Global Reputation Forum & Fintech Awards


Dr. Gilpin, the astute Managing Director & CEO of Rokel Commercial Bank, has been nominated as one of the Top five (5) Financial Leaders in Sierra Leone. He is set to represent the country at the prestigious Global Reputational Forum & Reputation Fintech Awards hosted by Reputation Poll International on December 8th & 9th, 2023, at the Marriott County Hall in London. Additionally, he’ll serve as a speaker at this esteemed event.

Reputation Poll International Limited, renowned for listing the world’s 100 most reputable individuals and bank CEOs, is organizing this event in collaboration with WINTRADE and Go Global Trade, chaired by Lord J.D Waverley. The 2023 Global Reputation Forum aims to recognize the remarkable growth, integration, and reforms within Africa’s banking and financial sector.

The event is designed to acknowledge rapid expansion, integration, accelerated growth, and reforms of Africa’s banking and financial sector. The event will honor and celebrate outstanding Banks and Fintech Institutions that are moving Africa’s rapidly transforming finance sector. Expectations: 1. The forum is expected to bring together Executives from leading banks (Bank of England, HSVC, Europe Exim Bank ect) investors, Chairs, Technology and Innovation Top Executives. 2. Exclusive meeting with The Parliamentary Co-Chair of the U.K Trade and Investment including other Executive VIP Delegates.



The 2023 Global Reputation Summit will also feature a broad range of discussions and debates by top facilitators from Africa and Europe bringing theoretical & practical experiences to guide on how various sectors can work together to build credible reputation, branding strategies for accelerated growth; providing Banks, Fintechs, Global brands, individuals and organizations with the awesome opportunity to learn winning branding strategies that will help to build their reputation and maintain dominance in their markets.

These accolades reflect Rokel Commercial Bank’s commitment to leveraging cutting-edge strategies in technology and innovation, positioning itself as a key player in Africa’s innovative landscape.

RCB – The Bank of Choice!!!



Source link

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

Sierra Leone Brewery Limited Introduces Zagg Energy and Maltina Pineapple Drinks


Sierra Leone Brewery Limited (SLBL) unveils two new beverages aimed at catering to a wide array of consumer tastes and lifestyles, further enhancing their beverage offerings.

ZAGG ENERGY – A Boost for an Unconventional Lifestyle

The newly introduced Zagg Energy drink seeks to redefine the energy drink experience. This distinct beverage is a fusion of invigorating malt infused with powerful energy bursts. Crafted for individuals who embrace life’s challenges in their unique way, Zagg Energy aims to revitalize and empower consumers tackling the demands of daily life.



According to Mr. Olufunmilayo Ogunbodede, Marketing Manager at SLBL, “Zagg was designed to aid consumers in coping with the daily hustle. Whether it’s mental or physical exertion, Zagg aims to help maintain energy levels amidst the challenges of adulthood.”

MALTINA PINEAPPLE – Adding a Tropical Twist to Refreshment

Expanding their renowned Maltina range, SLBL introduces Maltina Pineapple, a flavorful deviation from the classic favorite. Infused with the exotic essence of pineapple, this new variant promises the familiar wholesome goodness of Maltina coupled with a burst of tropical refreshment. Ogunbodede explained, “The pineapple variant offers a fresh take on the nutritious Maltina, appealing to a diverse range of consumer tastes.”

Both Zagg Energy and Maltina Pineapple will be available nationwide starting November 27th, 2023, accessible at various wholesale and retail outlets across Sierra Leone. Sierra Leone Brewery Limited aims to cater to evolving consumer preferences by providing a diverse range of refreshing beverage options for every occasion.





Source link

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

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.





Source link

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

Unpacking the First Interswitch Fintech Forum in Sierra Leone


Africa’s leading integrated payments and digital commerce company, Interswitch, has successfully hosted its first-ever Sierra Leone Fintech Forum.

The groundbreaking event which took place on Thursday, November 2, 2023, at the Radisson Blu Mammy Yoko Hotel, Freetown, Sierra Leone, brought together key stakeholders, industry experts, and innovators to unpack the potential and future of financial technology in Sierra Leone.

The Sierra Leone Fintech Forum served as a dynamic platform for dialogue, collaboration, and knowledge exchange within the burgeoning fintech ecosystem. The event aimed to foster a deeper understanding of the transformative power of fintech and its role in shaping Sierra Leone’s economic landscape.

Speaking at the event, Akeem Lawal, the Managing Director, Payment Processing and Switching (Interswitch Purepay), highlighted the importance of fintech in driving innovation and growth in the African economy.

He said, “”Interswitch is proud to have played a pivotal role in bringing together the brightest minds in the fintech space. The forum reflects our commitment to driving innovation and facilitating the digital transformation of financial services in Sierra Leone.”

The Governor of the Bank of Sierra Leone Dr. Ibrahim Stevens who graced the inaugural Fintech event expressed his pleasure at the initiative to discuss the future of digital payments in Sierra Leone. In his speech, the Governor reiterated the need to grow the digital payment ecosystem leveraging collaborations, technology and capacity building.

The event featured panel sessions where renowned speakers and thought leaders from the fintech industry shared valuable insights into the latest trends, emerging technologies, and transformative opportunities in Sierra Leone, as meaningful connections were forged between industry players, fostering collaboration and partnership opportunities.

Commenting on the essence of the forum, Jonah Adams, MD, Digital Infrastructure & Managed Services (Interswitch Systegra), said: “Fintech has the potential to revolutionize the way financial services are delivered in Sierra Leone. By embracing innovation, Sierra Leone can create a more inclusive and prosperous financial system, and with collaborations like the Interswitch Fintech Forum, Interswitch is committed to creating an enabling environment for fintech to thrive in Sierra Leone.”

Attendees had the chance to engage in constructive conversations and explore potential synergies and gained a comprehensive understanding of the regulatory framework and its implications for the growth of the fintech sector.
Fintech is playing a critical role in transforming the way people access and use financial services in Africa.

By providing innovative financial solutions that are more accessible, affordable, and convenient, Interswitch is helping to drive financial inclusion and economic growth across Africa.



Source link

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

Africell Launches 5G Network in Sierra Leone


Africell, Sierra Leone’s premier mobile network provider, unveiled its advanced 5G network on Thursday, October 26, 2023. The event, which attracted high-ranking government representatives, industry leaders, and media personnel, was held at the Sea View Lounge, New City Hall, Freetown.

Prominent figures present included Chief Minister, Dr. David Moinina Sengeh, Ministers Chernor Bah and Hon. Salima Bah, Ambassador Joe Blell, Chairman of the NatCa Board, and Mr. Amara Brewah, Director-General of the National Telecommunications Authority (NaTCA).

Shadi Gerjawi, Africell’s CEO, shared the company’s transformative journey from its 2G roots through its 4G era, and now to the groundbreaking 5G technology. He emphasized that 5G, being 100 times faster than 4G, plays a pivotal role in closing the digital gap, thereby enhancing lives.



As part of the event, Africell also showcased a new multi-functional mobile application, accessible via a QR code. The app provides various services, ranging from bill payments for utilities and services like EDSA, WAEC, DSTV, and Mercury, to facilitating financial transactions and complimentary SMS services for users.

Reiterating Africell’s broader vision, Gerjawi said, “Africell’s mission goes beyond being a telecommunications provider; it demonstrates our commitment to being a responsible corporate citizen.” He lauded Africell’s ongoing efforts in sectors like education, health, and youth empowerment.

He also extended heartfelt gratitude to the Sierra Leonean government, especially to Minister Salima Bah, Ambassador Joe Blell, and Director-General Amara Brewah for their unwavering faith in Africell’s mission.

In his remarks, NaTCA’s Director-General, Mr. Brewah, celebrated the arrival of 5G in the nation as a monumental step towards embracing a digitized future. He stressed the invaluable partnership between telecommunications giants and NaTCA, highlighting the anticipated advancements in internet quality, economic growth, education, healthcare, and governance.

Mr. Brewah also addressed the impending tariff hikes, reassuring that the enhanced quality of internet service would provide value proportionate to the costs.

Africell’s 5G network signifies Sierra Leone’s steadfast march towards a technologically advanced and interconnected tomorrow.



Source link

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

Air France’s Final Flight Leaves Sierra Leone as Operational Suspension Takes Effect


October 28th, 2023 marked the final day of Air France’s operations in Sierra Leone. The airline bid adieu with its last flight departing from Freetown International Airport, heading to Paris via Guinea Conakry. This departure came following the airline’s earlier announcement of the suspension of its services at FNA due to persistently low passenger numbers, resulting in substantial financial losses.

For over two decades, Air France has been a prominent contributor to Sierra Leone’s tourism and aviation sector, aiding the government in job creation and bolstering the country’s revenue through tax payments. However, the dwindling profitability rendered the continuation of operations unviable, causing the regrettable cessation of services.

This development has significantly impacted Sierra Leone, particularly amidst the recent inauguration of the country’s state-of-the-art airport. The absence of Air France not only stands as a substantial loss but also raises concerns about reduced competition among the limited airlines operating within the nation.



The reduced competition might precipitate higher ticket prices for passengers traveling in and out of Freetown International Airport. This increase in costs could potentially burden travelers, posing a concern for the accessibility and affordability of air travel in and out of Sierra Leone.

The discontinuation of Air France’s services is a setback for the nation’s aviation industry, casting a shadow over the immediate future of air travel within Sierra Leone. As the country navigates this change, stakeholders are left contemplating the impact on both the economy and the ease of travel for its citizens and visitors.



Source link

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

Sierra Leone Civil Aviation Authority Addresses Rising Air Ticket Prices


During the Ministry of Information and Civic Education’s Press Conference on October 24, 2023, the Director General of the Sierra Leone Civil Aviation Authority, Musayeroh Barrie, addressed the pressing issue of escalating air ticket prices.

Barrie highlighted several key factors contributing to the surge in ticket costs, shedding light on the challenges faced by both passengers and the government.

In her statement, Barrie emphasized that the increase in air ticket prices can be attributed to a combination of factors, including passenger volumes, reduced airline options, and the relentless impact of inflation.



In her words, “passenger volumes, fewer airlines, and inflation are among the factors that influence air tickets.”

She disclosed her own firsthand experience, having purchased a ticket from Freetown to London on the same day, October 24, 2023, at a cost of $1871. Of this sum, only $139 constituted government taxes, underlining that the vast majority of the ticket price is beyond the government’s regulatory influence.

This revelation underscores the complexities surrounding the air travel industry, where external factors play a significant role in determining the final cost of tickets.

As passengers grapple with rising expenses, Director General Musayeroh Barrie’s statement brings attention to the challenges faced by governments and regulatory bodies in managing airfare costs, striving to strike a balance between affordability and maintaining a sustainable aviation sector.



Source link

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

President Bio Pledges Support For Business Growth in Sierra Leone


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.



Source link

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

Ministry of Finance Engages Sierra Leone Private And Banking Sector on FY2024 Proposals


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.



Source link